Any experience

[Anonymous]

with using a secured CD loan from a bank. I bank with Citizens Bank and they offer a secured CD loan(min 1,000). I am willing to do it but wanted to know if anyone had any experience with such a loan and how much it helped?

Thanks

[Anonymous]

Several years ago after BK7 was discharged, I was able to get a secured CD loan through my bank (Barnett Bank, before it was taken over by the borg BofA). I wanted it solely for rebuilding credit; I think it was around 3k. Initially they turned me down due to BK, but when I called & talked to a real person and pointed out that their risk was nil due to it being 100% secured by their own CD, they approved it. Good luck!

[Anonymous]

Did you find it to be a helpful tactic in restoring your credit?

[Anonymous]

You know, it has been so long that I really can't remember what specific impact that one loan may have had. I think the biggest impact it had would have been getting a good TL back on my CR and resetting the history clock, since most were wiped out in the BK. Responsible handling - no lates, etc - also helped, I'm sure.