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Alliant. No hard pull for single applicants.
Lots of banks and credit unions offer secured loans. You'll probably want to find a credit union to do it though, because they're unlikely to charge you an an origination fee to set it up (for example, I see there are several Wells Fargo's in Santa Clara, and they'll do it, but charge a $75 fee).
I would personally suggest getting the loan from an institution that will offer products and services that will contine to appeal to you in the future, and you can simply consider the SSL a first step in building a relationship with them. Alliant FCU is popular here because informaiton is available about it, but their physical locations are regional.
The first two posts in this thread will give you a solid overview of the SS loan technique and why it works:
The third post gives step-by-step instructions should you wish to go with Alliant.
BMO Harris has a great credit builder installment loan, just for these purposes!!
When I was just start to build I took advantage of it. It was easy to get and the folks at my BMO office are always great.
I had spent 8 years living off CASH.... with the mentality that if I couldn't afford to pay cash for it, I didn't need it. Having NO credit cards (and not really wanting them at the time), no installment loans, I really had NO credit other than my home loan. My credit score was tanked because of my own fiscal responsibility! haha
My credit score jumped an amazing 30 pts when this credit builder hit! Doubt it will to anyone who's got/had recent credit.... but for me it was a lifesaver!!
Hey BarneyGorl... thanks for the feedback! Do you happen to remember what the term was on the loan? E.g. 12 months, 24 months, etc?
@Anonymous wrote:
...
I already called two banks and my main bank said they do have a loan but it is considered a credit builder loan where you get a credit builder card with it.... I actually already have a credit builder card from my bank so that won't do any good....
Was that something they said would not work? By "credit builder card" do you mean a secured credit card?
There is no inherent drawback to having a second revolving credit line. It may tie up funds if its secured, but a second revolving account could also help your profile.
They offered me multiple options. I think they offered both 12 and 24 month options. I was looking to build a house at the time, and needed to get the bump quickly, and pay it off, so I chose the 12 month and immediately payed it off to just less than 50% ....... I let the regular payments kick in then and run through the remainder of the loan cycle.
There are many viable choices in front of you, included below is infor for you to read, consider options, and realize the many Vendors available to you in your quest for better credit.
pinkvelvetz wrote:
I live in Santa Rosa, Ca and wanted to know which bank offers a secured installment loan since I am trying to get a loan to help my account mix.
I already called two banks and my main bank said they do have a loan but it is considered a credit builder loan where you get a credit builder card with it.... I actually already have a credit builder card from my bank so that won't do any good.
The other bank just told me I would need to be a member for 6 months before applying for a loan.
Any other options?
@Previously you wrote:
"My real credit score is currently 540 according to RCU bank. I had signed a few months ago for their Credit Builder Card and it allows you to monitor your credit score.
The reason my credit score is so low is because I didn't pay three accounts in the past. I was young and irresponsible but now I am learning the importance of managing credit."
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As you probably already know, it is a best practice for optimal FICO scoring to have three revolvers, and one installment loan.
Alliant was mentioned for a Secured Loan, and it is a SP (Soft Pull), State Department FCU also offers a Secured Loan, as well as low interest Secured Credit Card, which does not graduate to an unsecured card.
The following links contain information which you can consult for both general education and rebuilding information.
Best Wishes!!!!
Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788
Bankruptcy Friendly Credit Cards
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737
HOW TO: From BK7 discharge to 700 in 24 months or less!
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...
The Best (and Worst) Secured Credit Cards according to Beverly Harzog' opinion
http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/
Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788
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