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Rebuilding with Navy Federal

Regular Contributor

Rebuilding with Navy Federal

Today I took out a secured loan from Navy Federal for $500 to help me rebuild my credit while I fight with the CA for PFD. My APR was 2.75% , I have used $500 cash as a colletarel that was put into my savings account( they also offer CD for secured loans) and they did NOT run my credit while their secured loans are reported to all 3 credit bureaus as UNsecured. Another positive thing is that they do not make you hold the entire secured amount for the period of the loan. They let you take out the amount you pay towards the loan from the collateral fund, equivalent to the monthly payment. Thought I would share this with the rest, especially those trying to reestablish their credit. I am sure doing for a higher amount would make a more positive effect but it's a start

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
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Moderator Emeritus

Re: Rebuilding with Navy Federal

Will this report as revolving or installment?    
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