Hi All!
I didn't want to hi-jack the SDFCU thread, so I figured I'd start this one. I've seen mentioned (specifically with Credit Union accounts) where people have opened a share secured loan w/"X" amount and then funded their secured credit card with the money. In essence, it appears that they (using $1,000 as an example) - opened the loan w/$1,000 and then theoretically got that $1,000 back (even though they still have to make the monthly payments), and then used that same $1,000 to open a secured credit card. Is that how it works? You open the share secured loan with your $1,000; they give you a loan against that, and then you just open a secured card with that $1,000 and simply pay back the share secured loan?
If that's the case, once my crappy cards are paid off and closed (First Premier, Credit One, etc), I want to do this, so that I can get SDFCU's secured credit card, since you can add a lot to it in order to get a large limit. I don't care about it not unsecuring, because this will work best for me to have this large credit line funded by my own money, so if anything goes sideways, I can just close it and pay off any balance (if there is one), and be done with it. I'm a bit skittish after my bk filing in 2010 to get into CC trouble again, and I like the idea of being able to have the large credit limit, as I've seen mentioned you could have it up to like $100,000 limit! Not that I have 100k! LOL.
Anyway, if someone could clarify regarding the secured loan and secured CC scenario; specifically with regards to SDFCU, it would be greatly appreciated!
Thanks in advance for any responses!
