Mannerheim Posted February 4, 2005 Report Share Posted February 4, 2005 I have read on a few websites that a quick way to add points to your credit score is to place funds in a bank, and open a passbook loan that is secured against those funds. Next, you take that loan money, and open a similar account at bank #2. Same goes for bank #3 and bank #4. All of a sudden, providing payments are made on time, you got four loans reporting positive information to the bureaus.Is this as good as it sounds? Are there any tricks or traps to watch for or remember?How much is appropriate to deposit? How many banks? How is payback of the loan arranged, and over what period and terms?Help!Thank you,Andrew Link to comment Share on other sites More sharing options...
edubb007 Posted February 4, 2005 Report Share Posted February 4, 2005 Heard of it... Let me find a post for you to read. Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted February 5, 2005 Report Share Posted February 5, 2005 How to get AAA credit in 60 days . . . if you have a p2p file sharing resource, do a search on credit repair and you'll get tons.It's basically that you open a savings account one day, go back and tak to another teller the next time to open a signature loan against it. Then, take that money and do it somewhere else and so on and so on and so on.There is nothing inherently wrong with that, but you end up paying a lot of bills to get all the banks satisfied. I suppose this would show good credit history. Instead of doing it, I was able to get credit from Household, Target, Cap One, Long Beach Car Acceptance co., and Daniels Jewelers. I use the cards and pay them on time, and see an increase in my score.The AAA tactics just seem sneaky to me. I usually dont do financial things that feel funny.Damien Link to comment Share on other sites More sharing options...
edubb007 Posted February 5, 2005 Report Share Posted February 5, 2005 Good point Jeep!Plus don't forget it usually takes a few months to get a installment TL to start showing....Food For Thought! Link to comment Share on other sites More sharing options...
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