What type of an account did you get where they pulled a report, loan? I too am going to join a credit union as one of my 3 banks. I think ill go for Penn State Credit union. Ill call them tomorrow. Im so excited about doing this, it seems like as long as you keep up with it and make sure you follow the directions, youll be successfull. Im not going to wait for friday, im going to start calling banks tomorrow! psugirl
Haven't done the loan thing yet. However, this would apply for an auto, secured share (savings) loan, secured Visa, Manufactured Home loan, RV, and signature loan. Of course, I don't yet qualify for all those loans yet. I am not sure whether this would apply for a mortgage or not. I am going to go in on Saturday and do a Share (savings account) loan and a secured Visa. I just asked a lot of questions while I was in there. I was told that even with a BK, I could refinance my vehicle right now, but my husband wants Americredit to get on the report (in other words make a few payments first). The CU just told me that as long as the loans were secured, that I could get a loan through them with a discharged BK. Just ask the CU if they do a hard inquiry is there a window (like 60 days) in which they will use the same credit report for any type of a loan with out having to pull additional bureaus. Hope this helps and I will post on my experience over the weekend.
You are forgetting something. You are looking only at banks in your hometown. You are an internet person. Look for better deals on the internet. There are a ton of banks on the internet. You might get better deals on the internet and can make your payments on line too plus have the option of using your credit cards as well as your debit cards to make the payments. If you work it right, you can actually shove your payments an extra month into the future while earning interest in the bank on the money, thereby cutting your costs.
Psugirl. It does work and work very well indeed. One should be aware however, that some of the wiser lenders will recognize it for what it is, a "cheap" trick and although I never heard of any of them actually "knocking" you for it, they may well just ignore the credit generated by the trick, fail to be impressed by it. I've seen that actually happen. But regardless of that, it does work and it does help and it's more than worthwhile doing.
Adding to my last post This 3 loans "scam" was first published to the best of my knowledge back about 1970, At about the same time the 60 minutes expose on how to get a new identity by stealing the identity of an infant born at about the same time as "you" were and who had died before they ever went to school thing was aired on TV. That scam is the reason you can't find out who the grandparents are from reading the obituary column in the daily newspaper when very small children have passed away. If the grandparents names were also published as having attended the funeral of the child, then scam artists would have the mother's maiden name and with that info, it would b an easy matter to go back through the historical archives and find out what hospital the child had been born at from the birth announcements, and that's all the info a scam artist would need to pull the birth certificate. Since birth certificates and death certificates are never compared when a "new" birth certificate is requested, the birth certificate is issued, but it also carries the date the birth certificate was first issued stamped on it in most states. Once the birth certificate is issued, the next step is to get the SSN. Not real easy but if you can dream up a believeable lie, you can get one issued. It's real easy to dream up a lie for a woman, but for a man, he had better come up with an extra good one. Next the drivers license. Next open a bank account. Next open a savings account and do the very thing we are talking about here. Build new credit. Next go out and buy a few things and make the payments so you build more credit. Not long till you look like you are a millionaire or something. Then you buy out the world and all it's junk that you can sell or hock. Do that a hundred times or so all in rapid succession and you are a millionaire for real. Best you keep at least one or more of those new fraudulent IDs in good shape and not have any bad reports on them, because you are going to need them to skip the country with. Have a nice vacation. If you don't play your cards exactly right, your vacation is going to be at the expense of the taxpayers, and it's likely to be a real long vacation too. Maybe 10 or 20 years if you ever get out.
What are you talking about? no one ever mentioned scaming anything or anyone. You can go to the banks and tell them that you are trying to rebuild your credit and still get the secured loans. How is that a scam, they know what your intentions are! psugirl
chriscraft - i am also in northern california and already have a savings account w/ golden one. What other banks will allow me to do this? I want to try for 6 banks or so, and all report to the 3 CRAs and do this for a year.. all for $1000. I've read that it looks suspicious if all loans are the same amount - is this true?
Psugirl. You are absolutely right, but there are those out there who think that since you are doing something "manipulative", then you must either be doing something that is illegal or immoral so they think you are pulling a "scam" on somebody and "there outta be a law agin it" "Shame on you, you otta be ashamed of yourself." I think you know the type well. That's what I was referring to when I used the term. Truth is, if you don't become the master of your fate, somebody else will. And most if not all of us who are either lurking here or actively participating have figured that out .
Ender, in addition to the Golden One Credit Union (where I have 5 secured loans and a secured Visa card) and Heritage Community Credit Union (where I have 2 secured loans), the following credit unions offer what I feel are favorable secured share loans: (1) Schools Credit Union, (2) SAFE Credit Union, (3) USE Credit Union, (4) First US Federal Credit Union, and (5) Triple S Credit Union. There may be even more out there, but those are the local ones I have found. Keep in mind that while these folks will in all likelihood not run credit inquiries for the loans based on what they have represented to me on the phone, they all will check with ChexSystems before opening the savings accounts which will secure the loans. Since you are in Northern California, if you'd like to chat more on this topic, post your address and we can talk in detail.
Ender, I forgot to respond to your last question. Yes, I think it is better if you use different amounts for each of the loans, especially if they are at the same institution. Personally, I used different amounts for all of my loans not only to differentiate the accounts on my credit reports, but to be able to keep better track of them in my records. And one more thing. Despite the absolutely bizarre tangent that one of the more infamous posters on this board went on, there is absolutely nothing wrong with using this method to bolster your credit rating. It is neither illegal, suspicious, immoral, or a "scam." Every time I went to a credit union to obtain a share loan (whether it was my first or my fifth loan with them), the loan officer knew exactly what I was doing - trying to get an easy loan to help rebuild my credit. They are not stupid people. The credit unions offer these loans expressly for that purpose -to build/rebuild credit. They are a benefit to their members. Obviously, they are not moneymakers for the credit unions, given that their net return on the loans is somewhere in the 2-3% range. So, my advice is to use this perfectly legitimate tactic to your advantage. Not only will you help you rebuild your credit, but you will have the additional benefit of ending up with positive banking reference at the end of the loan period.
I agree completely. Positive banking references are key. This is why I am using a mix of banks and CU's. For variety and more options for future loans.
Maybe im confusing myself. Im planning out how im going to do this method and what banks im going to use. But, reading and rereading over and over....Im still dont understand how you "should still have your original 1000." after you've finish the method. Has there been anyone that, after completing the method, still ended up with 1000 (amount originally invested?)?? psugirl
PSUgirl, here's how it works. You take $1000 cash into the bank/credit union you are using. You deposit the $1000 into a savings account. You then take out the loan. The bank/CU will place a hold on the $1000 in your savings account. After that, the bank/CU will give you your "loan proceeds", which of course is the $1000 you "borrowed" against your savings. You walk out of the bank/CU with the same amount of cash that you walked into it with. It's literally that simple. I know because I have done eight of them, and they all work the exact same way. Good luck!
Chriscraft, In the method that I orignally posted...it said that you: Open a savings account with 1000 but only borrow 90% of that. With that 90% you go to second bank and open another savings and borrow 90% of that 90%. and the same with bank 3. SO, that is what my post was refering to. Your not walking away with 1000 from any of the banks. psugirl, o, and river...please read the original post before you comment. it does say that when you leave bank 3 you will have 729.00 loan not 1000.
Penn State University?????????? WOW!!!!!!!!!!!!!! I beg your pardon,I have personally done this and I got my investment back in full!!! I would have assume that you would know better than anyone else that: you can't believe everything you READ or been TOLD.Common sense sweetie!!! Best regards!!!!!!!!
PSUgirl, certainly if you want to only borrow 90% of your "loan" amounts, that's up to you. Think about it: the concept is exactly the same, the only difference with your scheme is that you only borrow 90% of each loan amount rather than 100% as I do. You end up at the same place, just with less cash in your hands under your scenario. It's completely logical. And it works, because I have done it. Either way, I say go for it. You end up with positive credit entries, which is the true goal here. Good luck in your efforts!
