Does anyone know of any credit building loans from banks similar to Lasalle's "Dreams Begin" loan?

Question

Does anyone know of any credit building loans from banks similar to Lasalle's "Dreams Begin" loan?

Answer 1

A traditional "credit builder" loan is one that lets you build your credit up from zero.   Those aren't really needed any more because almost anyone can get a credit card.  The credit reporting companies love to see credit cards better than anything.

So are you saying that you can't get a credit card but want to build credit?  You can even get a home mortgage without a credit card history.  They look to see if you paid your water billl on-time for the last 12 months;  electric bill;  your rent.  If you did, you will get a mortgage.

Most people buy a car or motorcycle and make payments.  That is fine as long as the car doesn't break down.  That's when buyers stop making payments and their credit gets worse, not better.

The "Dreams Begin" loans are programs that banks offer occasionally to show that they are helping the community they work in.  Every bank has one.  They don't offer them year-around.  They are special promotions and they are often targeted to a certain neighborhood if you open a business there; or you just got out of the Army;  or you want to go to a Trade School.    THey don't just loan money so you have some to spend.

I think you can find a loan.  Get to work.

Answer 2

I had one of those loans and it was great. What a great idea to make loan payments that were reported to the credit bureaus by making payments to a savings account. It really helped me build my credit again. I know they merged with Bank of America. Did Bank of America choose not to support this program? I have not heard of any other banks to have this type of program. Sorry

http://creditwish.com