We’ve all heard of Savings and Loans, how about “Savings Loans”? Savings loans are loans made by a Bank or Credit Union that loan you the money they hold in a savings account, to help rebuild your credit. Why is this a good idea? Because the bank reports the loan payments to the credit reporting agency and your credit score goes up. It’s better than a secured credit card because it is much cheaper. Many secured cards offer little or no credit, only charges and fees, most of which are paid up front. So if you want to rebuild your credti, contact your local Bank or Credit Union about a “Savings Loan”. You will be rewarded with an improved credit score which will bring your cost of borrowing money down in the future.
