Thanks dzbuster, but why didn't you just apply for the visa or the unsecured loan in the first place?
I don't think my scores are there yet. Plus I have a lot of inqu's and some pretty new accounts. I would like to let everything age a bit and plus a BK from '04. I opened the secured loan two months ago, the time just wasn't right.
It's basically a loan that is secured by however much you have in your savings account. There's no credit check and you can basically set up how long you want to pay pay it back (six months, one year, no penalty for early payment). It's at 4.50% interest, but if you don't touch the loan and put it right back into your savings basically doubling your savings the interest you pay on the loan is pretty negligible. Then have them automatically take the payment out every month.
I had $8000.00 to work with so I took out a secured loan for that amount and will pay it back in one years time. I will then apply for the Alliant visa. This was the most painless experiance I have ever been through. The call took about five minutes and the check was in my mailbox in about three days.
Hope this helps.
No reason why you can't pay of $7000 of it now, or overpay by a bit each month to reduce the interest you are paying and then just pay the rest off over the year, right?
Yea, that would work. I guess I just want to show Alliant that I can handle a large sum of money and leave it alone in savings for awhile. I want to show around 1 year of perfect payment on the loan. It can be very tempting to dip into that $16,000 in savings though