Beyond Bumpage...

Discussion in 'Credit Talk' started by slppryslp, Sep 23, 2002.

  1. slppryslp

    slppryslp Well-Known Member

    I had an idea a while back that I just haven't had a chance to try so I will entrust it to you intrepid souls. Anyways, a while back while fooling around with cd secured loans I discovered a few banks that don't do inquiries on the loans. Furthermore I discovered that they also don't have prepayment penalties. Put two and two together and you can put say $500 in a cd, get a loan, a week later pay it off, get a loan, a week later pay it off....All with very little money in fees(in my example for a year about $10). Now if you are dealing with a large institution and particularly a credit union they may not care, or notice. Although it is probably better to set four cds and do it once a month for each. My question now is after everyone's experience with bumpage, what will happen to old credit accounts on all three bureaus??? To see a post 'BK Bumpage' would be a beautiful thing. Anyways USAA and the Golden1 Credit Union (here in california) are the two lending institutions that I've found that fit the above criteria.
     
  2. GEORGE

    GEORGE Well-Known Member

    I'm LOST...are they going to do a "HARD" or "SOFT" for the CD or LOAN??? (or are you just taking up report space with each loan???

    If NOT...that has little to do with BUMPAGE.

    PREVIOUS INFORMATION----->$1,000 is better (FOR A CD LOAN) and if you DON'T do it for 12 or 24 months...it doesn't help you...
     
  3. slppryslp

    slppryslp Well-Known Member

    they don't do any hard or soft, but accounts on your credit report take up a lot more memory than inquiries, so the question is- how long will it take if and when it starts bumping off other accounts you have on your credit file.
     
  4. Saar

    Saar Banned

    If you do that, you'd probably have better chances of getting your file split than getting tradelines purged.

    Bumpage, BTW, is a term dedicated to inquiries ;)


    Saar
     
  5. slppryslp

    slppryslp Well-Known Member

    I don't know, I would have said the same thing about too many inquiries, but thats not what happened. Hell maybe you get really lucky and it bumps inquiries off as well as old negative accounts...Then we could call it Deluxe Bumpage. As I say I haven't tried it and I didn't name it 'cuz it ain't happened yet!
     
  6. Saar

    Saar Banned

    The problem is, 5 more new accounts would kill your score, even if they purge every last one of your inquiries.


    Saar
     
  7. slppryslp

    slppryslp Well-Known Member

    oddly enough paid cd secured loans don't seem to hurt your score, quite the contrary, I've put four of them on my report all within a very short time period with no adverse effect on my score. I suspect the drop in score for new accounts may only come from new revolving accounts and or new open installment accounts.

    Boy Saar, you are difficult ;) if not impossible!
     
  8. Saar

    Saar Banned

    LOL.

    Ok, I'll switch back to nice mode. Should last for 30 secs minimum ;)

    But I have to say, for someone who wasn't even ready to listen to pbm, you sure seem receptive to critique today ;)


    Saar
     
  9. slppryslp

    slppryslp Well-Known Member

    I'm usually pretty friendly, but I don't deal well with authority...which reminds me, its about time to change my signature...
     
  10. Saar

    Saar Banned

  11. slppryslp

    slppryslp Well-Known Member

    You're giving me goosebumps... I think I would last in the army about as long as a snowcone in June. Of course there's another song in there I noticed "Everybody's Got To Learn Sometime"...

    Now was there really a group called Status Quo or is that just one of the Army's marching songs??
     
  12. DISPUTER

    DISPUTER Well-Known Member

    One reason why it didn't affect your score is because the trade lines were probably unrated. They weren't in review for at least 30 days. Also, you will eventually create a split profile if you keep adding accounts.
     
  13. slppryslp

    slppryslp Well-Known Member

    No, they didn't seem to negatively effect my score at any time(they are now three years old). I had a friend who had a 705 fico score with just one, year old cd secured loan and a 6 mo wireless account. CD secured loans seem to be very good positive accounts even when they are young.
     

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