Credit Check Facts

Question by artist: Personal Credit help please.Can I rebuild credit "Faster" with "Secured Credit Cards" through my credit union?
Can I increase my score by getting "Secured Cards" and pay them slowly over the next year?Trying to rebuild after a BK several years ago,and I dont want to apply for any 3rd party cards.

Best answer:

Answer by Rob B, of MD
Secured cards often cost money. If the sole security is the balance in your account, then it might not be so bad.

However, pay the full balance off every month. If you are not going to be able to pay it off, do not put it on the credit card.

Good luck!

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Question by Sammy: What is the best online resource to get a "poor credit" personal loan?

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Answer by lanceh13
online resources for bad credit?...that's tough...especially if your looking for a personal loan. You would almost need to have some collateral to secure it. Are you looking to buy a car, or just some cash? furthermore...how much?

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Question by J.: Can someone explain "Premier Lines of Credit" and "Personal Loans" to me, please?
Never taken out a loan, and have had one credit card for the last three years, so I am a complete novice when it comes to all these bank terms. For what it's worth, I bank with USBank.

Anyways, I need a new computer, for which I don't have the funds. I looked around on the USBank website, and found two options that looked interesting: Personal Loan, and Premier Line if Credit.

About the loan: How does that work? Does the money go into one of my accounts (I have checking, savings, and a Visa with them)? Or is it managed like an account of it's own?

About the credit line: Is it really hard to get approved? Should I just apply for another credit card?

I know I should just go to my bank and ask, but I would like to get to know more first, and see if anyone has any experiences they can share. Thank you!

Best answer:

Answer by bad yellow b!tch
Well your best bet, depending on your credit score would be to go to the bank and request a personal loan. When they ask how much, tell them how much you want your computer to be. They are gonna wanna know what you want the money for too.
With a personal loan, they would either write you a check or deposit the money in your bank account, but the loan itself would have a different account number and you would have monthly payments with an interest rate. Once that is paid off, you are done.
I believe a Premier line of credit is something that they give you with a credit limit and you make monthly payments, but it's a revolving line so you keep using it over and over.
Depending on where you want your computer from, you can possibly skip this entire process and finance through the computer place. For example Dell offers their own financing and you would just pay them like you pay your credit card bill. Once a month. However, if you got a loan thru US Bank, I'm sure the interest rate would be a lot lower.
You could also consider opening another credit card with US bank and buying it that way, but you would have to look at the rate and see where you would get the better deal.
Good luck

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Question by Andrew D: Personal credit score is to "FICO" as Business credit score is to What?
I have heard it before and I can't remember what it's called. It's on the tip of my tongue...

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Question by Russell: How does the interest work on a "personal line of credit?"?
If you are approved for a "personal line of credit" from a bank or somewhere else, how does the interest rate work? Is the rate fixed or can it go up and down?

Best answer:

Answer by MVD34
Most of the time it is variable -- it goes up and down: monthly, quarterly, yearly...

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