This plan will get you back on track. Great for people with no credit or horrible credit. Use even if you have ok credit but want to increase your credit. show more This plan will get you back on track. Great for people with no credit or horrible credit. Use even if you have ok credit but want to increase your credit score. Read in entirety and re-read.
To work this plan you need at least $400 to begin. You should borrow this from your friends if necessary. Then go to a bank of your choice and deposit the $400 into a regular passbook savings account.
Wait a few days for the account to be posted and return to the bank to ask for a $400 loan - you offer the passbook as collateral. Since the bank is already holding your $400, you go to another bank open a savings account lending you another $400 and they won't even make a credit check. Then, with your borrowed $400, you go to another bank, open a savings account, return a few days later, borrow $400 from that bank using your passbook as collateral.
Then repeat the process at a third bank with your borrowed $400.
Wait a few days to go to a fourth bank where you open this time a CHECKING account. Wait a few days and make a payment on each of the other three loans. A week later, make payments again on the three loans, and continue paying each week until you have almost paid off the balance.
Your credit reports will show you have three active bank loans (which are considered hard to get), a checking account, and a paying history for the three bank loans - with you having paid up in advance. Thus, you have AAA credit in as little as 30 days. From here you go on to apply for loans, credit cards, and other items on credit. Click HERE for more Credit Secrets.
(Please note this is also called a Secured Bank Loan. Ask your Banker. The key is to BUILD your credit - so make sure it's PAID IN FULL within 60-90 Days. Remember to use the money only to secure the loan and pay the loan. Do not spend the money on anything else. As long as you stay in control - Debt Will Never Control You Again! Good Luck!
Source(s): AAA Credit
Warren · 8 years ago