CD-Secure Loan

Date: Tue, 09/30/2008 - 10:49

Submitted by CplusE2ent
on Tue, 09/30/2008 - 10:49

Posts: 47 Credits: [Donate]

Total Replies: 5

Hello, I trying to build my credit score. I was told I could get a CD-Secured Loan. For example. I would give the bank guaranty bank $1100.00 dollars then borrow 90% of it. And they would report it to the credit company to help my credit limit and credit score. Well now they told me they dont report it to the credit company no more. Even if someone default on a loan. Weird. I need help. I not sure if this is the same as getting a secure credit card. But i thought it would be better because i was getting the CD from a bank. Does anyone know a bank that does this still. Im in TX. Thank you for the help...

I know WaMu and BOA offer secured credit cards. It works the sa

I know WaMu and BOA offer secured credit cards. It works the same as a secured loan. You put money in a savings account/CD and they issue you a CC. And they both report to the credit bureaus.

lrhall41

Submitted by desperatelyseekingsanity on Tue, 09/30/2008 - 11:25

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Well i have to see if BOA does it because Wamu, is being bought

Well i have to see if BOA does it because Wamu, is being bought out by JP. Any other banks that do this.

lrhall41

Submitted by CplusE2ent on Tue, 09/30/2008 - 12:05

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Most credit unions do. Who knows, maybe Wamu/Chase will still o

Most credit unions do. Who knows, maybe Wamu/Chase will still offer them. If BOA does, why not Chase. I believe Citibank does too. Only problem with BOA & Citibank, is you cannot add funds to increase your limit. I believe the credit unions may allow this.

lrhall41

Submitted by desperatelyseekingsanity on Tue, 09/30/2008 - 13:23

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I will check up on this. Thanks again for your help.

lrhall41

Submitted by anonymous on Tue, 09/30/2008 - 16:59

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secured credi card

boa does offer the secured credit card. it has helped me jump my crdit score by 80 points....

lrhall41

Submitted by anonymous on Sun, 06/14/2009 - 11:07

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