10-31-2007, 02:21 PM
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Greenhorn
Join Date: Jul 2006
Posts: 35
Rep Power: 6  |
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, 02:21 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 22
Rep Power: 6 |
Secured loan credit check?
The bank employee hedged her statement. It's much easier to get approved for a secured loan but they still have to do a credit inquiry.
Credit unions tend to be a little more user friendly about loans. Plus you probably get better rates. But most of the large banks would work also. |
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