Installment loan against a saving account?

hey.i have been applying for credit cards for so all but i was always denied coz i didn't have credit history so a friend of mine told me about secured credit cards.i applied 4 one and i got approved.yay!so anyway im getting my card within 10 days and i want 2 build my credit fast.so i have been reading a coupe of questions on here and some1 suggested to the person to take out an installment loan from their savings account.can some1 plz explain to me how that works and how it builds credit scores.

lets say you have $3000 in your saving account at local credit union. the credit union will place a hold on your funds and lend you $3000. So lets say your installment loan is for 12 months. You will make payments every month for 12 months and after the loan is paid off, you will have paid off installment on your credit, which will boost your credit score dramatically.
If you already have a secured credit card, definitely get a secured installment loan a well.

good luck

A credit card that can be gotten with a poor credit rating is known as a bad credit card. These cards give those with bad credit a chance to improve upon the credit rating they have. For those people the cards act as a rescue like this.

http://www.worldbestloans.com/credit-card-for-people-with-bad-credit.htm

Profits are what business is all about and profits are put at risk by this. The balance on the account will normally earn interest from the bank or company providing the credit card. This should be checked with the company providing the card.

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