Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
Re: Secured Loan

webhopper wrote:

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



Savings, credit history, and credit mix

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600