topic Re: Ideas for plan growth in Mortgage Loans

Ideas for plan growth

Rusti6 — Thu, 10 Apr 2008 19:01:27 GMT

Hello all,

I would like to either get a loan for $5K or raise it so that I can open a secured credit card account. But, my credit scores are in the mid-high 500 area therefore getting a loan has been very difficult. I'm in the process of cleaning up my credit report and increasing my score. Does anyone have any ideas or suggestions? My plan is to open a secured card to help rebuild my credit and at the same time consolidate the small amount of bills that I already have on it. If I get a loan for the $5K I'd have a monthly loan payment and the monthly credit card payment but I'm okay with that. I have no intentions of maxing it out and I plan to make more than the minimum payments on it monthly if I can't pay the full balance off monthly.

After having the secured card for about 18 months I want to request it becomes a unsecured card. If approved at the time I would take the original secured 5K and invest it. But again, I'm stuck as for ideas of how to come into the initial 5K. Any suggestions would be appreciated.

Re: Ideas for plan growth

Anonymous — Thu, 10 Apr 2008 20:17:41 GMT

AFAIK, most secured cards will let you add more money to the account later...so you could open an account now with however much you can set aside today, and add to it as you're able, until you get up to the balance you want.

That seems like a much better solution than taking out a loan to raise the $5k!

Re: Ideas for plan growth

Rusti6 — Fri, 11 Apr 2008 15:20:19 GMT

Thanks, I didn't know I could gradually add to the amount of a secured card For some reason I assumed a person would need to use a certain amount to open the account and then have a period of time to laspe before the amount could be increased. I will most definitely begin working on this during the month of may. This was great advice.

Re: Ideas for plan growth

Rusti6 — Fri, 11 Apr 2008 15:26:25 GMT

meadmaker,

what does AFAIK mean

Re: Ideas for plan growth

Anonymous — Fri, 11 Apr 2008 16:16:37 GMT

@Rusti6 wrote:
meadmaker,
what does AFAIK mean

"As Far As I Know" :-)

Sorry for not being clearer.

Re: Ideas for plan growth

Rusti6 — Sat, 12 Apr 2008 20:07:58 GMT

you don't need to apologize, I just haven't gotten use to the abreviations yet. thanks

Re: Ideas for plan growth

Anonymous — Sat, 12 Apr 2008 21:47:09 GMT

Rusti

I have the BOA Secured and they allow you to deposit up to $10,000. My card will be graduating to unsecured in two months. The rep said that they will send me a check for the amount that I deposited on my card ($1000) ....I can't wait to get it back.

I initially started w/ $300 and kept making deposits in the branch.....

The card does have an annual fee of $29.00 besides that I haven't had any problems