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The stupid loan...

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The stupid loan...

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Old 02-07-09, 08:18 AM
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RubenX 
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The stupid loan...

I took a secured loan few months ago in an effort to raise my credit score. Every month I call and pay by phone from the checking account, 50 bucks. They immediately un-freeze 50 bucks from the savings account and transfer them back to my checking... flawless. Except that I keep forgetting to make the darn call before the 5th each month... isn't that stupid!
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Old 02-07-09, 10:34 AM
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overthehillmedi
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Set up automatic payments with your bank.
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Old 02-08-09, 08:43 PM
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mooxster
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No offense, but thats a poor way to build credit.

The best way is to get a credit card, pay with the card what you would have used cash for, then pay the card off each week or twice a month.

The way you are doing it, aren't you losing money via intrest rates?
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