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Credit Unions share secured loans

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Anonymous
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Credit Unions share secured loans

Credit Unions let barrow against your savings, at first barrowing you own money money sounds  silly, but how many have you taken money out of savings says you'll put it , yea right... .But if you barrow against it, your money stays in savings , and money is released for use with every loan payment, and it will only cost you anywhere between 2-3% above the then current earning rate.
 
Now each credit union has their own policies, but few years agos I took out 2 such loans at my credit union, Since it was a secured loan they didn't pull my CR, and I just figured  they wouldn't bother reporting it to the CRAs unless I defaulted, but to my pleasent surprise , they are on my CR and there isn't even a mention of them being secured,  two installment loans, 0 imquires.... priceless(R).
 
So if you have no credit or want to inprove your credit, talk to a local credit union, and find out what their polices are. 
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Anonymous
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Re: Credit Unions share secured loans

I did this and opened a secured loan with my credit union about 2 months agao. I've paid my loan once already and my score jmped from 479  to 504 at TU. Mine doesn't show as secured also on any of my reports.I  still have a bad score but at least im out of the 400s. And don't forget also that Secured Credit cards work to..Just remember to ask the Credit unions if they report to the credit agencies first before you apply for any type of loans  ..
 
Thanks
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Anonymous
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Re: Credit Unions share secured loans

May I ask what Credit Unions you guys used...everyone talks about cccu. I live in Chicago. My score right now is 492
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