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Has anyone ever seen this type of loan. Geared specifically towards poor-fair credit score.
https://www.alturacu.com/personal/borrowing/credit-builder
basically, you open a loan, make monthly payments, and at the end of the term, you get the money. at first I thought it was a secured/CD loan, but they fund a CD (earns interest) and you just make payments. It's supposed to help you build diversity in your credit mix as well as help you develope a stable payment history.
im sure the interest will be very low, comparable to a CD loan interest? I'm able to qualify for membership and if this can actually help, I'll do it.
any thoughts on this?
This is an instalment loan (secured by CD), I would not go for it and pay interest, this only helps in the mix of credit category. Revolving credit cards are where its at for FICO, 30% of the score is devoted to utilization percentages of revolvers. I would go for a secured bankcard over this type of loan.