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Opened my Alliant Secured loan today, the analyst I talked to about getting a credit card said I would need to build some history with them before they would approve it and the best way to do that was to put money in the account each month and open a secured loan.
To my surprise though the loan is for 3 months!!
$500 for 3 months, it's like $170 a month.
So we will see in 3 months if that is enough time to get me a credit card with them, that's my goals
I did it over the phone.
omg $8000, I say if you have it, use it because if you can handle that kind of loan payment then surely in a few months they are going to say yes this person can not only handle a credit card but handle more than a $500 CL.
When Bank of America sends me my $1000 back next week, I'm going to open another loan at alliant with it just to ensure they see me handling things
My wife is a real saver. After our BK in 04 she kept putting little bits of money in her SD. She never told me about it. She had saved about $10,000 in five or six years. A couple of months ago some houses in our area were getting broke into and she got scared and told me about the money. Can you believe $10,000 in small bills. It filled up two or three socks.
I need to pay more attention.
Thats fantastic.
I have tons and tons of debt but after being on the Suze Orman show I have started to save, it's not much right now because of how much I'm paying in debt, but it was nothing before, it feels good to see a little bit each month going into another account and earn some interest. and Alliant at 2.47 isn't all that bad!
@dizbuster wrote:My wife is a real saver. After our BK in 04 she kept putting little bits of money in her SD. She never told me about it. She had saved about $10,000 in five or six years. A couple of months ago some houses in our area were getting broke into and she got scared and told me about the money. Can you believe $10,000 in small bills. It filled up two or three socks.
I need to pay more attention.
That you do need to do......but your wife seem very smart. Thinking for the both of yous.... BUT get that money outta there... I can't stand theives.
@Anonymous wrote:
@dizbuster wrote:My wife is a real saver. After our BK in 04 she kept putting little bits of money in her SD. She never told me about it. She had saved about $10,000 in five or six years. A couple of months ago some houses in our area were getting broke into and she got scared and told me about the money. Can you believe $10,000 in small bills. It filled up two or three socks.
I need to pay more attention.
That you do need to do......but your wife seem very smart. Thinking for the both of yous.... BUT get that money outta there... I can't stand theives.
Yea, even after our BK she learned her lesson and she knew I had not. She's the type of person that would rather have nothing at all and money in the bank as oppossed to me who likes to spend. I thank God every day for a wife like that (now if she could only learn to cook)! JK
@dizbuster wrote:
By the way, the money is safe and sound with Alliant.
Thanks great to hear champ....
Take Care and be safe
dizduster asked a similar question about savings secured loans. He had $8k in savings and was worried if he borrowed against the whole amount his entire savings would be "tied up" and unavailable for necessary uses.
http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=129266#M129266
Here is a copy from my response there:
Hey diz - how's it going.
Well, I have a few ideas on your question (don't I always )
1. Alliant is a great CU. I heartily recommend them.
2. A secured loan is a FANTASTIC way to build a relationship.
3. You are not correct on your thinking for amount. If you use the entire amount of savings for the loan, you tie NOTHING up, because they give you $8000 cash from the loan. So yes, the savings is "tied up" as collateral, but the loan proceeds are not.
4. Borrow $8000 against your savings.
5. Deposit the loan proceeds into your savings account, giving you $16,000 in savings now
6. Have your payments for the loan "auto drafted" from the savings account.
7. Make a few payments, then pay the majority of the loan down (transfer from savings balance) to reduce interest charges.
8. Pay the loan off in 12 months so that you get a CR TL with 12 months payment history, then a "paid as agreed"
9. The interest charged is nominal (2-3% above what you are collecting on the savings, and you are collecting on $16,000 while paying on $8000 which declines....so the interest you collect will pretty much pay the interest charges accrued.)
10. Talk to a LO about a credit card 6 months into the loan.
Well, that's my $0.02