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