Is this possible ?

[Yaldain]

Well here is a story my gf and I want to move south. We hate the snow and we want to go some where warm like Sc For maybe FLA. Well are plan is to save up around 5k in the bank after the debts are paid off which is were we are at soon. I had this idea or maybe I read it here some where and I was curious if it is possible. Do you think if I went to my bank and tried to get a loan say for around 4k and use the money to open a cd at the same bank and tell the bank what i am doing up front. Then pay off the loan of 4k which would improve my credit then once the loan is paid off and the Cd matures. I would have 4k on top of my savings and a good mark on my credit is this a good idea ? Is this possible do banks do this ? Just curious if anyone has done this.

Mike

[kb9tbq]

This takes a bit more time, that to open and just pay off asap, CDs usually have a period of time to mature (might encounter a penalty to take out sooner), and for the loan to get reported, you want it past a few months of establishing some history, you are close though.

About anything which you try, will need some months to develope payment history, also I would agree with you with the 5k saved up for moving south, but for one thing the cost of living down in Florida, is higher then the cost of living then say Illinois. Would tack on another $1,000 or so - just for good measure.

Being from Illinois myself and not much liking the winter, I got the chance to go to Florida twice now, and I hated it, being so close to the ocean (which was cool) but for the humidity. The heat also to me was unbearable, so there too is another reason to save extra - buy an air conditioner, your going to need it,

Have you taken the time to scout the internet; for the local newspapers down there? Go through the classifieds and call on employers to get youself set up. Also I found realestate sites on line that you can scout for places to rent, you will want to pick a few different cities to make note of the cost from one spot to the next.

I did this in anticipation of moving down there, and with my DH being an auto mechanic, wanted to know what was available 1st before going, but I notice that renting is like $500 to $800 I think average down there. Here I was use to paying $300, so that was a jump in cost to me.

Other states have extra rent deposits then we do here, like pet deposit, 1st & last months rent up front along with regular deposit - so you want to be sure of this also.

Ok, enough of the lecture, Just cover your bases; and you will do fine.