secured personal loan
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Posted by Scott (68.109.19.166) on June 06, 2003 at 09:12:31:
Please help! I have a plan to deposit $20k in a passbook savings account, then take out a secured loan against it, with interest only payments. I then want to repeat the process at 2 or 3 more banks. I have verified that all of the banks report these secured loans to the credit agencies, and they appear as "installment" or "consumer" loans. Will this help my credit?
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