Quote:
Originally posted by Cynthetiq
NoSoup
..... as far as a friend is concerned, he thinks he's got bad credit for no reason or another. I see that you recommend a secured credit card. Does a secured loan give the same benefit? I thought I had bad credit too, and I got a secured loan, put that into another account and had them draw funds to repay the loan from that account. I didn't have to think about it at all, until near the end of the loan when I had to of course add for interest. Does that give the same benefit?
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A secured credit card does in fact give the same benefit, as with most loans. Secured loans are actually considered "better" credit than unsecured ones, although many institutions report secured credit cards as normal unsecured ones.
As far as your secured loan goes, same story. It gives the same benefits, although it may depend on the institution as to how it is reported to the bureaus.
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