Improving Credit Score

Discussion in 'Credit Talk' started by MikeG, Aug 14, 2000.

  1. MikeG

    MikeG Well-Known Member


    I have heard many stories of people who were able to increase their credit score in a short period of time. Primarily, I have been told of how they would take a loan out at one bank, take that money and use it as collateral at another bank for a loan, and do the same process for a third loan so that they would have 3 loans active from banks that were current.

    Does this strategy work? If so, are there any online banks that give such loans. I have not been able to find banks that do signature loans/collateral loans anymore.

    Thanks for your help.
  2. Michael

    Michael Guest

    This idea works best when you take cash and start a C.D. at one bank, then get the loan using your C.D. as collateral to get the loan.

    I would only recomend doing it with 1-2 banks, especially if you have some credit already.

    I doubt the signature loan would work because to get those you generally need good credit, which is what you are trying to establish!

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