Safe Credit Union Credit Builder Loan after Bankruptcy

[Anonymous]

Hello Everyone,

I am 3 months post discharge and I am trying to re-establish credit after discharging my bankruptcy in July. I was able to get a $1000 Credit Builder Loan with Safe Credit Union. They do not have a minimum credit score requirement for this type of loan. There is a $30 acct set up fee and the loan is financed at a 5% interest rate. If you already have an account with them they don't even pull a hard inquiry. They report to all 3 major credit bureaus. I am excited to be able to add this trade to my credit report that ends up being a savings account for me. I re-affirmed my Car loan with Ally and I also have a Credit One card that was a $400 CL but was increased to $600 after the 1st payment. I'm hoping these accounts will start me on my Journey to good credit. Have a great Evening everyone.

current fico8 scores - Equifax 648 Transunion 606 and Experian 632

[Anonymous]

Shameless plug for Navy Federal Credit Union:

They offer a share-secured loan:

- There is no credit inquiry

- No account setup fee

- The interest rate is 2% higher than what's earned in savings (currently the loan rate would be 2.25%)

- As you make payments the corresponding amount applied to prinicipal is relased from savings

- Reports to all three credit bureaus

What some credit savy members do is get a secured loan (e.g. $5,000), pay off $4,500 then use the $4500 released as collateral for a secured credit card. Benefits:

- Low balance vs. orginial credit limit

- Two credit accounts out of one deposit (which is good for both mix of accounts and number of accounts)

- No loan payments for months (e.g. if $4,500 would cover 20 moths of payments, your next loan payment will be due in 20 months)

Try this at Navy Federal or other credit unions that offer the same features.

[Anonymous]

Wow Leon! and I thought I did something. Lol That's why I joined so I can learn from the errors of my ways. What are the membership requirements for Navy Federal?

[Anonymous]

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@Anonymous wrote:

Shameless plug for Navy Federal Credit Union:

They offer a share-secured loan:

- There is no credit inquiry

- No account setup fee

- The interest rate is 2% higher than what's earned in savings (currently the loan rate would be 2.25%)

- As you make payments the corresponding amount applied to prinicipal is relased from savings

- Reports to all three credit bureaus

What some credit savy members do is get a secured loan (e.g. $5,000), pay off $4,500 then use the $4500 released as collateral for a secured credit card. Benefits:

- Low balance vs. orginial credit limit

- Two credit accounts out of one deposit (which is good for both mix of accounts and number of accounts)

- No loan payments for months (e.g. if $4,500 would cover 20 moths of payments, your next loan payment will be due in 20 months)

Try this at Navy Federal or other credit unions that offer the same features.

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This is actually very similar to what SDFCU does. Not everyone can get into NFCU, but SDFCU if fairly easy to get into through the American Consumer Council.