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Does this work

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I have seen recomendations to open 3 $1000 secured accounts with banks to help add new TL and increase score. My question is

1. Do banks go for this? Which ones

2. Does this work, raising score.

what I realy want to know is if anyone has tried this?


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I am in the middle of this now. I had a BK in 10/04. One bank shot me down for a secured loan, but this week I was approved for a secured loan at a Credit Union. I have also opened a savings account with ING Direct this week, and in two weeks I will open another secured loan with them. So, yes, some banks and most credit unions do "go for this". They make money guaranteed. But I am not sure how much this will boost my scores. Though more paid in full TLs should have a net positive effect.

I read a thread somewhere that said the effect was 30-40 points on their score over 6 months, but everyone is different in the eyes of FICO as we all know.

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