Establish AAA Credit In 30 Days
Here is an interesting method for establishing great credit that I discovered.
To work this plan you need at least $400 to begin. You should borrow this from your friends if necessary. Then go to a bank of your choice and deposit the $400 into a regular passbook savings account.
Wait a few days for the account to be posted and return to the bank to ask for a $400 loan - you offer the passbook as collateral. Since the bank is already holding your $400, you
go to another bank open a savings account lending you another $400 and they won't even make a credit check. Then, with your borrowed $400, you go to another bank, open a savings account, return a few days later, borrow $400 from that bank using your passbook as collateral.
Then repeat the process at a third bank with your borrowed $400. Wait a few days to go to a fourth bank where you open this time a CHECKING account. Wait a few days and
make a payment on each of the other three loans. A week later, make payments again on the three loans, and continue paying each week until you have almost paid off the balance.
A credit investigation at this point will show you with three active bank loans (which are considered hard to get), a checking account, and a paying history for the three bank loans - with you having paid up in advance. Thus, you have AAA credit in as little as 30 days.
From here you go on to apply for loans, credit cards, and other items on credit.
Keep in mind that many loans under 4-6 months in length are not reported by banks to the credit bureaus!
Thanks for the info. I did not know that. Do you know if there are any exceptions?
-Peter
Yes you are correct but 30 days is hardly long enough to establish AAA status! If a bank does not take the time to pull your credit, chances are they won't take the time to report to the credit bureaus! Building AAA credit rating takes time, there is no overnight (30,60,90 day) pie in the sky method to do so, it takes time. Besides lenders also look at the depth of tradelines on your report and many require a 24 month length as well as 2k minimums on active accounts to take you seriously.
Good luck though with your method.
[addsig]
Thanks for the knowledgable responses.
While it seemed like a good idea, my shortcut leads nowhere.
-Peter
I heard CD loans are a good credit builder, but this means 3000 min, plus interests cost. Going and doing this at multiple banks will put out a fruad flag, I remember appling for 5 credit cards/loans all in2 days and at the bank i worked at the credit ap was prompted with possible fraud.