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Thread: How to Get 'Triple A' Credit in 25 Days

  1. #1
    Member Christian~~Stripper's Avatar
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    Default How to Get 'Triple A' Credit in 25 Days


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    Sitri
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    Default Re: How to Get 'Triple A' Credit in 25 Days

    Hmmm, basically a kite scheme. Come up with $1000, put it in a bank. Get a loan with it as security. Take the "Loan" put it in another bank. etc. etc.

    You will still have to pay interest even if it is secured. i.e. you Savings account pays yu 3%. You borrow money at 9% plus any other fees.

    I would do more research.

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    Featured Member lunchbox's Avatar
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    Default Re: How to Get 'Triple A' Credit in 25 Days

    Passbook loans aren't that common, however most tellers at a bank will know it as a CD secured loan. Loans under 6 months and secured loans generally are not reported to credit agencies unless you go delinquent. So you must insist it get reported.

    Different banks charge different rates, I looked into this once and was told a 3% markup over what they CD payed at one, and what would have worked out to 11% at another. Compass bank was the 3%, it was nearly 6 years ago, deffinitely shop around, especially at online banks.

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    Default Re: How to Get 'Triple A' Credit in 25 Days

    the CD secured loan gimmick may provide the "Triple A Credit' claimed in 25 days, because "Triple A Credit' doesn't have any actual definition in the financial world. When it comes to the Triple-Trackers' official credit score, in order to truly raise the score to values that will get you lower interest rate loans and unsolicited Platinum card offers you have to establish a history of making regular loan payments over a significant period of time ... not just 25 days.

    And yes, there are costs involved in this 'scheme' ... the interest rate spread between what you're being paid in interest on the CD money (less federal and state income tax on that interest) and the interest rate being charged on the loan - which could amount to a 4-5-6% interest premium if you have a bad credit score to start with and you're in the 25% tax bracket. If you secure the loan with savings account money rather than a CD, the interest rate spread could be a couple of points higher depending on the difference in CD versus passbook interest rates paid.

    Plus, other fees which may creep in if your loan payment isn't booked into the bank's accounting system on time, if you are forced to withdraw CD money early to pay off the loan, if the loan carries a pre-payment penalty etc.

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    God/dess Bridgette's Avatar
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    Default Re: How to Get 'Triple A' Credit in 25 Days

    Also, if you are using a bunch of loans to improve your credit score, that can actually work against you. Too much debt relative to your provable income counts against you.

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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    Featured Member Vamp's Avatar
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    Default Re: How to Get 'Triple A' Credit in 25 Days

    The way it is presented it would seem the number of loans you pay off is important. The fact of the matter is that the number of loans you pay off means nothing. One month on time payment is still just that even if it pays off the loan.

    There isn't away to get good credit in 25days. It just doesnt work like that. If you have all the negative information off your credit report, you can build positive credit within a year.

    What’s In Your FICO Score


    http://www.myfico.com/CreditEducatio...YourScore.aspx

    You are actually better off opening a small credit card and paying it off each month on time.

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    God/dess VenusGoddess's Avatar
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    Default Re: How to Get 'Triple A' Credit in 25 Days

    ^ Completely agreed.

    Lenders don't look for what that website is talking about...they look for reliable payments (meaning on time payments) of at least 12 months.

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