cancel
Showing results for 
Search instead for 
Did you mean: 

Got the credit builder loan started today...

tag
NancyLou
Established Member

Got the credit builder loan started today...

WHEW!

 

I called my credit union (and I don't know why I didn't do it sooner...) and turns out they DO credit builder loans.  I could only do $500 rather than the $1000 suggested in the BK7 to 700 posting, due to their requiring me to use my own money in the savings account to lock down, but the $500 should be returned to me (the loan itself) later today so...  I'll still be doing it over a year, they don't do a hard credit pull (don't do a credit pull at all) and they report to all three CRAs.

 

Again - WHEW!


3/4/2014 Score: EX: 576, EQ: 614, TU: 572 All from myFICO
12/12/2014 Score: EX - 629 (CreditSesame) EQ-686 (myFICO), TU - 599- 3/28/2014 (CreditKarma)
Goal Score: 700 on all three by end of 2014


Take the myFICO Fitness Challenge

Filed Ch. 13 2/18/2009, converted to Ch. 7 11/19/1013, 341 Meeting Dec. 19, 2013, discharged Mar. 13, 2014

Following the steps in the How to: BK7 to 700 in 24 months or less

Step 1 done, signed up for Score Watch.
Step 2, approved for Credit One Card ($300 limit) on 3/14/2014.
Message 1 of 12
11 REPLIES 11
Jerzee123
Established Member

Re: Got the credit builder loan started today...

nancylou, this is a great starting tool for rebuilding...

 that's how i started , i was way below 500 maybe like 475 . my credit union offered me a crediti rebuilder loan  for $500 and I never used the money ,I just left it in my Credit union savings account and let them automatically take $50 a month out to repay on the 5th of every month, showed on time payments  ,and my credit score with transunion after a year to 615,....i was offerd a Comenity retail store card in Jan which i got approved , I addede a Cap One secured card  , and recently approved for CreditOne unsecured ... so im slowly working it back , my goal is to get a score 740 (short goal right now is to get 640) to get  house in a year or so..  I just got a baddie(NCO collection for direct TV) added in Feb which took me down , but i sent PFD(fingers are crossed) ...and when i used my retail card i got another bump down because balance reported  was at 30% and not 1-10% ( that's confusing ) , so it's constant work to rebuild ,im getting consumed with IT!... always learning something new!!.stay on this sit constantly reading...

 keep it up...

http://www.capitalone.com/media/graphic-logo/credit-cards/card-art/price-mc-90-angle.jpg
https://ne.edgecastcdn.net/80033E/www.creditkarma.com/res/content/creditcards/creditoneb/cccreditonebank01_big.png
Message 2 of 12
NancyLou
Established Member

Re: Got the credit builder loan started today...

I'd already gotten the CreditOne card and was recently approved for a Cap One unsecured, which is on it's way to me in the mail now.

The only hurdle, based on my current scores now, is that the BK7 is so new. I talked to a friend of mine who is a VP at a small, local bank to where I'm moving, and he feels he can help me get into the house I wanted to buy in conjunction with my divorce so...

Let's see how this credit builder loan works on my credit and go from there.

3/4/2014 Score: EX: 576, EQ: 614, TU: 572 All from myFICO
12/12/2014 Score: EX - 629 (CreditSesame) EQ-686 (myFICO), TU - 599- 3/28/2014 (CreditKarma)
Goal Score: 700 on all three by end of 2014


Take the myFICO Fitness Challenge

Filed Ch. 13 2/18/2009, converted to Ch. 7 11/19/1013, 341 Meeting Dec. 19, 2013, discharged Mar. 13, 2014

Following the steps in the How to: BK7 to 700 in 24 months or less

Step 1 done, signed up for Score Watch.
Step 2, approved for Credit One Card ($300 limit) on 3/14/2014.
Message 3 of 12
Jerzee123
Established Member

Re: Got the credit builder loan started today...

good for you.. I hope you get your house!!!

http://www.capitalone.com/media/graphic-logo/credit-cards/card-art/price-mc-90-angle.jpg
https://ne.edgecastcdn.net/80033E/www.creditkarma.com/res/content/creditcards/creditoneb/cccreditonebank01_big.png
Message 4 of 12
NancyLou
Established Member

Re: Got the credit builder loan started today...

Thanks, Jerzee. That's the biggest hurdle towards finally getting done with this marriage. The whole starting my new life. Because the alimony was so low, I'm now considered "poor", which I hate, not having been "poor" for a long, long time. But the order's modifiable so I plan to try to get it raised next year.

3/4/2014 Score: EX: 576, EQ: 614, TU: 572 All from myFICO
12/12/2014 Score: EX - 629 (CreditSesame) EQ-686 (myFICO), TU - 599- 3/28/2014 (CreditKarma)
Goal Score: 700 on all three by end of 2014


Take the myFICO Fitness Challenge

Filed Ch. 13 2/18/2009, converted to Ch. 7 11/19/1013, 341 Meeting Dec. 19, 2013, discharged Mar. 13, 2014

Following the steps in the How to: BK7 to 700 in 24 months or less

Step 1 done, signed up for Score Watch.
Step 2, approved for Credit One Card ($300 limit) on 3/14/2014.
Message 5 of 12
0REDSOX7
Valued Contributor

Re: Got the credit builder loan started today...

Good job.
BK Discharge 2/11/14

Currently in the garden.
Message 6 of 12
ezdriver
Senior Contributor

Re: Got the credit builder loan started today...

This loan sounds more like a secured installment loan than the "credit builder" loan where no borrower cash is required. They both help borrowers rebuid their credit but one requires some borrower cash and the other does not.

Message 7 of 12
NancyLou
Established Member

Re: Got the credit builder loan started today...

Call it what you wish, but it didn't do a hard pull, it's being paid back over 12 months, it's going to report to the credit bureaus and it will help my scores following a BK7.  Sounds like a credit builder loan to me, even if it is dressed up differently.  The $500 will be put back into my account in a day or two (the proceeds from the loan) and I make my first payment on the 1st of May.  Once the loan is PIF, I get the original $500 back, too.


3/4/2014 Score: EX: 576, EQ: 614, TU: 572 All from myFICO
12/12/2014 Score: EX - 629 (CreditSesame) EQ-686 (myFICO), TU - 599- 3/28/2014 (CreditKarma)
Goal Score: 700 on all three by end of 2014


Take the myFICO Fitness Challenge

Filed Ch. 13 2/18/2009, converted to Ch. 7 11/19/1013, 341 Meeting Dec. 19, 2013, discharged Mar. 13, 2014

Following the steps in the How to: BK7 to 700 in 24 months or less

Step 1 done, signed up for Score Watch.
Step 2, approved for Credit One Card ($300 limit) on 3/14/2014.
Message 8 of 12
ezdriver
Senior Contributor

Re: Got the credit builder loan started today...


@NancyLou wrote:

Call it what you wish, but it didn't do a hard pull, it's being paid back over 12 months, it's going to report to the credit bureaus and it will help my scores following a BK7.  Sounds like a credit builder loan to me, even if it is dressed up differently.  The $500 will be put back into my account in a day or two (the proceeds from the loan) and I make my first payment on the 1st of May.  Once the loan is PIF, I get the original $500 back, too.


I do not disagree with anything that you posted. I too have a secured installment loan like you got.

 

There were other posters here seeking the type of credit-builder loan that did not require the borrower to put up any cash. The proceeds of the loan is used to secure the loan and the borrower gets the money when all payments have been made. Again, I offered a clarification ... not a criticism.

 

Message 9 of 12
NancyLou
Established Member

Re: Got the credit builder loan started today...

Oh, wait - I see what you're doing but there's a step in mine that might not have been clarified - in addition to my putting up the $500, they're ALSO loaning me $500 so it's a wash, financially. They're just backing up the $500 they're loaning me with the $500 in my savings account.

3/4/2014 Score: EX: 576, EQ: 614, TU: 572 All from myFICO
12/12/2014 Score: EX - 629 (CreditSesame) EQ-686 (myFICO), TU - 599- 3/28/2014 (CreditKarma)
Goal Score: 700 on all three by end of 2014


Take the myFICO Fitness Challenge

Filed Ch. 13 2/18/2009, converted to Ch. 7 11/19/1013, 341 Meeting Dec. 19, 2013, discharged Mar. 13, 2014

Following the steps in the How to: BK7 to 700 in 24 months or less

Step 1 done, signed up for Score Watch.
Step 2, approved for Credit One Card ($300 limit) on 3/14/2014.
Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.