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Tougher Credit Question
Hi NoSoup,
Just thought I'd revive this thread with a bit of a more complex question. I took a real estate training course awhile back and they presented us with a sort of strange method to up our credit scores within a shorter time frame called the "passbook method".
Basically it works like this:
1) Open a bank account with $1000 (any bank will do)
2) Wait a few days, then arrange a meeting with bank manager to set up a secured loan.
3) Use the savings account $1000 to secure the Loan, and then take all of the cash from the loan.
4) Find another bank
5) Repeat from step 1 5-7 times.
6) Pay the interest payments on all open loans for a few months.
7) Take the money you've received from the last loan, and use it to systematically pay down all of the loans earlier than the allocated timeframe.
Although it's a pretty hefty procedure, and will no doubtly cost a few dollars to implement (but they're tax write offs if done through a business account I presume). Would this procedure work in increasing somoene's credit score over the long run provided they don't fail to pay back the loans within the allocated time?
Techincally it should show on their credit bureau as 5-7 loans paid off in full and early.
What are your thoughts on something like this? Would it work?
~M
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-=[ Merlocke ]=-
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