I read somewhere that if you are trying to build credit.... you can open up a 3 CD's with different banks then borrow against them!!! This in return will add several trade lines to your CR. I need to know if this is correct? Has anyone tried this? Ok.. if anyone has done this how do I get started? How long do I have to wait to take out the loan (year, etc) once you open the CD? How long do I make monthly payments before paying in full (i thought you payed on it for 6 months then in full or something like this)? I'm confused can someone please tell me how this works? ALSO..... If it's not a CD what is it ????? I'm sure someone here know what i'm talking about! Thanks guys!!!
I was looking through old threads today and found one called "strengthen/build credit with $1000" or something like that (written by PSUgirl). There's a thorough explanation of this idea, plus a rather heated discussion about whether one should try it or not. If you do a search I'm sure it'll turn up. Good luck! )
martysgirl, I did this with my credit union. Its called a share loan. Sure enough, it reported to the credit bureau. The catch is it did report as a secured loan. I am not sure if the huge commerical banks do this or not. I know they used too. Call the 800# for a bank and ask. That is my suggestion. OR call your local branch and inquire about secured loan.
