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Where can I get a secured loan?

Valued Member

Where can I get a secured loan?

Hey Family,

 

Of course I am trying to rebuild my credit I am getting a SC Cap 1 card ($200 limit which I plan on getting to $1000), I also wanted to get a sc loan, since I have no credit right now. The only place I know of is my bank which is a credit union and doesn't report to all the agencies only EQ. Is there a place online or a major bank that you know of that would report to all 3?

 

Thanks,

 Cadillac Mack

Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Where can I get a secured loan?

IMO, I'd skip the loan and aim for another secured CC (or aim for unsecured if baddies are mostly removed). I'd skip it because you can easily hit into the 800s without one. The score value of an added loan is very low, unlike a CC.

 

If you wanted a secured loan, check with other banks and CUs in your area. Also look around in here; there are posts like this from time to time but I can't think of any examples off the top of my head on a national-level.

 

 

Message 2 of 4
Moderator Emeritus

Re: Where can I get a secured loan?

+1  A loan will give you an installment TL, however they don't factor that much into your CR.  Revolving accts. account for 35% of your score.  Go for another secured card, then garden them, your score will grow!  Good Luck!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 4
Highlighted
Valued Member

Re: Where can I get a secured loan?

Thanks for your help and thoughts on that, that is what I will do Smiley Tongue

Message 4 of 4