I'm probably the last to find out this information, but I spoke with a rep at NFCU that told me about their secured loan process. Their shared secure loans require no credit check and can be open for as little as $250. You can have the loan direct deposited into your account immediately, and then the amount you used to secure the loan is released back into your account as you make payments. I started one with a $20/month payment and 12 month term and the total interest on the loan was $10....pretty inexpensive for a good TL.
She also let me know that they report to the CRB within 30 days of your first payment!
I'll keep you updated, but from what the credit analyst tells me , it adds to your mix of credit and for someone in my case - with a very low score - it adds a positive tradeline.
