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Question about Bank of America montly statements and loans.?*

Does anyone here know if I ask my bank for a loan of $5000 or less and I use the money in my bank account to pay them back monthly. Would it show or mention anything on my BOA monthly statement about how much I payed them back or mention anything about having a loan of $5000?

Answers:

1) Taking out a loan and using your own money for collateral is pretty common. It will help to boost your credit if you make the payments on time every month- don't pay it off early. The credit report will say that you took out a secured loan for $5000 at x% interest rate and the loan was paid in full on time. The credit bureaus normally don't delve into your savings and checking accounts because the amounts change so quickly. It's a good plan for getting initial credit or upping a credit score. I know several people who have done it, and I've done it myself.

2) If you tie your loan in with your monthly statement on your BOA acct it will show your acct and your loan acct. Either way your statement will show how you pay, the amt you paid and your remaining balance. If you don't want to show it being paid from your BOA acct for whatever purpose then just ask the loan officer not to link your statements

3) If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best dealloans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.

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