Great offer from Nat'l City?

[poorme]

I was in the drive-up line today making a deposit, and inside the tube was a typed note " Need to rebuild your credit? Ask about our long-term program to help fix your credit." I asked.

Here's the deal. You apply for a $1,000 loan. On approval, they give you the $1,000 but place it into a special savings account. You don't have access to the funds. You make payments of roughly $40-50/mo over a two-year period to repay the loan. They report to the bureaus and the positive reporting helps you improve your scores.

Apparently, this is an individual branch offer that may not be avaialble from all branches. Wish I could have taken it - the only problem was approval. The mgr suggested I not apply because of a tax lien. Since I got approved for a Hooters card she suggsted I just use that to rebuild. Anyway, hope some of you can get this deal.

[rebtimrob]

that is a great deal. Too bad we don't have a national city near us.

[Viper]

What are the interest rates?

-Viper

[poorme]

Viper - sorry, I didn't ask, since I knew I wouldn't get it. I'll call today and find out the rate and post back here.

[tinroofrusted]

I was in the drive-up line today making a deposit, and inside the tube was a typed note " Need to rebuild your credit? Ask about our long-term program to help fix your credit." I asked.

Here's the deal. You apply for a $1,000 loan. On approval, they give you the $1,000 but place it into a special savings account. You don't have access to the funds. You make payments of roughly $40-50/mo over a two-year period to repay the loan. They report to the bureaus and the positive reporting helps you improve your scores.

Apparently, this is an individual branch offer that may not be avaialble from all branches. Wish I could have taken it - the only problem was approval. The mgr suggested I not apply because of a tax lien. Since I got approved for a Hooters card she suggsted I just use that to rebuild. Anyway, hope some of you can get this deal.

So basically you are paying to borrow money that you can't even touch?

That's like throwing away money every month that you could just put into a CD or a high interest account.... No offense, but this sounds like a really bad idea to me....

[highNdry]

Installment loan doesn't help your credit as much as revolving credit, some people say installment loan doesn't help at all. You can do the same with your local bank or credit union.

[anonymuse]

Or a secured credit card

[NASCAR20FAN]

So... They say "we'll loan you $1,000.00, and all you have to do is pay it back. We'll just never give it to you" Am I missing something here? Are they going to charge you interest on that 1k?

[poorme]

I called today to ask about the interest and the rate is 8.25% However, they put it into an interest bearing savings account for you, so you do earn a few dollars in return. They are essentially opening a line of credit for you, with the hope that later on you'll come back to the bank for other loans.

They're promoting it as a 'build your credit' tool. If it's worth $40/mo to invest in your future then some will say it's a good deal. Their acceptance standard is lower on this product - bk is ok as long as you're clean/current since and have no social stigma's on your reports such as tax liens or current collections or child- support owed.

[FilingOnMyOwn]

Theres no great deal involved. Just the same as a secured card.

[SinkingFast]

There could be hidden perks??!!

Like down the road, you want a mortgage or an auto loan. You've already established a relationship with this bank, might make the application process for something like that easier??!!

Otherwise, NOPE. No different than a Secured CC.