10-31-2007, 08:21 PM
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#1 (permalink) |
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Greenhorn
Join Date: Jul 2006
Posts: 30
Rep Power: 3
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Secured loan credit check?
I want to open a savings account and then turn around and get a secured loan on it.<br />I called my bank(wells fargo) and asked them about it. They said yes they do loans like that and yes they report to all 3 credit bureaus. But she said it depends if you get approved or not.<br />I dont understand why it would be difficult to get a secured loan when the bank freezes your money anyway. Even if you have bad credit it shouldnt matter because its 0% risk to them.<br />Can someone explain this to me?<br /><br />Also, If anyone has personal experience would it be easy if you have terrible credit to get a secured loan using a savings account or CD from a big bank like Wells Fargo or BofA, or from a local credit union?<br /><br />Thanks<br />
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10-31-2007, 08:21 PM
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#3 (permalink) |
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Piggy Bank
Join Date: Jul 2006
Posts: 55
Rep Power: 3
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Secured loan credit check?
Your loan will be pretty much approved with securing it with the money you have on deposit.
It's just not a good idea to approve or deny any loan without the application, which is why they don't give you a definite answer when inquiring on the phone. So go a head and open your savings and apply for the loan. The person on the phone wasn't discouraging you, they are just trained not to make promises on the phone. |
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