i work at a bank but i have only been there for about 6-7 months i work at a rather large bank and they wont give me a loan considering i don't have any credit (and the lowest loan they will provide is $5000.00) ... my fiance's bank is a credit union and i was wondering if maybe they might help me build my credit. anyone have any ideas? he would probally have to co-sign with me right? i would like to be able to do it without any co-signer
2007-10-21 14:22:14 · 5 answers · asked by *little one* 4 in Business & Finance ➔ Personal Finance
That would be great but there is alternative way to building your credit history. Wells Fargo Bank offers a secured credit card. That means that you would need to deposit money into an account (savings) and that would be your initial credit limit on your Visa Card. Pay your account on time and they will monitor this. As an added note maintain a balance of about 27% to 32% of your credit line. Paying your bill in full is good but a bank will not make money with you thus the carrying of a small balance. Eventually they will offer you an unsecure credit card.
That would be a "trade line" on your credit report to show prospective lenders your credit worthiness.
If you don't want to use Wells Fargo there are many banks including Capital One that offer secured credit cards.
2007-10-21 14:57:08 · answer #1 · answered by Edward H 3 · 0⤊ 0⤋
Signature loans are the hardest kind to get. Wait until you have established credit to even consider it. Once you have assets and a good credit history it is much easier. I knew a man that got a million dollar signature loan. He has several million in real estate but no one or two that were enough to secure the loan so they just gave it to him on signature.
2007-10-21 14:34:07 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
Credit unions ARE NOT banks and operate under different rules. Most credit unions only make loans to MEMBERS. For banks, if you get a loan, that MAKES you a customer.
2007-10-21 14:34:47 · answer #3 · answered by STEVEN F 7 · 0⤊ 2⤋
In order to build your credit you have to start small....like getting a $500.00 loan or a credit card with a small balance. Once you keep that in good standing... for a set period of time...your credit will go up... and so on .... so don't just jump into a huge loan or anything... start small. What are you needing the loan for?
2007-10-21 14:27:03 · answer #4 · answered by Anna J 5 · 0⤊ 1⤋
Credit unions give loans only to their members.
2007-10-21 14:28:28 · answer #5 · answered by Judy 7 · 2⤊ 0⤋