secured loan question

[perry1527]

My BK was recently discharged and I am now looking to get a secured loan (with a CD as collateral). My bank will not even talk to me until 4 yrs have passed. Does anyone know if there is an institution out there that will work with me? My credit is horrible (of course) and before I begin the credit repair process, I want to take some other steps to get a head start.

[Minnymouth]

Now that's stupid on their part - you have collateral...DUH
What bank??

Minny

[StaciMM]

Try a credit union.

[AAAArt]

Try a credit union.

Good idea. Just make sure that they report to the CRA's. not all CU's do. If not just let your fingers do the walking through the yellow pages and find a bank that will. They might want your checking acct also, but I'm not sure you want to leave at First Dumbbutt Bk anyway. Art

[StaciMM]

For 2 credit unions that ANYONE can join:

Patelco CU and Meadows CU. For Meadows, anyone w/ an email address is eligible. For Patelco, anyone can join if you state you have an interest in the California Assoc. for Older Americans. (Doesn't matter if you're 19 and live in NJ though!)

I've recently joined Patelco. From what I've seen/read about them, they're good to their customers and BK friendly. Even though I'm in GA and they're in CA, they are part of a larger network of CU's and there is one local to me (w/ a branch very close to work and building one very close to home) in the same network. So I can make deposits locally at those CU's and it will credit to my account the same.

My first order of checks (free) are on their way to me, and also a Visa checkcard. I was afraid there would be issues w/ getting a check card-I know some major banks won't allow them if you don't have good credit. They have free online bill pay, up to 20 transactions each month. There was a $20 fee to join.

[StaciMM]

Just wanted to add-for applying for any type of credit Patelco will require proof of income. For joining and opening a checking account, I had to send copies of my DL, SS card, and a utility bill.

[Genenco]

I joined another bank, with free bill pay (My other bank also had it free, as long as you had $5,000 in another account!) and I was given gold checking (Free MO, cashiers checks and such) free for a whole year (It's $7.95 a month normally) and so, I think this is pretty good.

Oh, BTW, my old bank account is at -$739.39

I check it each morning and laugh and go to work with a smile!

[perry1527]

My bank is Wachovia.

Would the credit unions that StaciMM desribed help me? I just want to get my credit working positively again, I do not need the money. It seems to me that a $500 loan on a $1000 CD is a no-brainer for a bank.

[StaciMM]

I'd think its a good start. I'd think that if you open an account w/ a CU and shortly thereafter asked about doing a secured loan, it should go well.

My bank is Wachovia.

Would the credit unions that StaciMM desribed help me? I just want to get my credit working positively again, I do not need the money. It seems to me that a $500 loan on a $1000 CD is a no-brainer for a bank.