Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
Re: Secured Loan
[ Edited ]

I personally like secured loans... I had one from chase bank in 2007 and I feel that it really helped. For one thing I saved 1k over the course of a year. On the other hand I improved my credit mix. Keep in mind that once the loan is funded you get your deposit back immediately as the loan funds and then you get the full asset back when the loan is paid. Also it only cost me $17 for 12 months of installment history. Secured cards and subprime cards have higher fees than that

I would definately do a 1k loan and then when the loan funds; use the funds to increase deposit on the secured card... then start paying off the loan and 12 months later you have a 1k CD

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