Question by Dennis L: Rebuilding credit with CD account, possible? I've read it somewhere here at Yahoo Answers how to rebuild credit after bankruptcy. Please give me your opinions or concerns. If I have $ 1000.00 cash and put it on a CD at some bank and at the same time you make a $ 1000.00 personal loan at the same bank and repay it within 12 months. And then, take that $ 1000.00 personal loan to a different bank and put it on a CD and make another personal loan for $ 1000.00 and pay it off within 12 months. And go to another bank and do the same thing...... Do this as many times as i want as long as I can pay the $ 1000.00 loan with 12 mo. term at those banks. By doing this pattern.... 1. Is it legal? 2. Will the bank lend you $ 1000.00( 12 mo. term) since you put the $ 1000.00 cash in a CD? 3. Will this rebuild credit faster together with 2 credit cards( revolving)? Any input will be appreciated. Best answer for Rebuilding credit with CD account, possible?:
Answer by Charlie
It is perfectly legal to do as long as you let each bank know about the previous loans you opened up (or you would be falsifying your application). The type of loan you are looking for is a secured loan, where the bank puts a hold on the CD so you can't cash it out early until the loan is paid off. This type of loan is easy to obtain no matter how bad your credit is and you could open as many as you wanted to. Just be aware that your credit score will actually go down until the loans are paid off in 12 months because on your credit report it will appear that you have opened numerous loans at once and owe a bunch of money (even if you secured them). Also, be sure you can afford the monthly payments! You won't be able to get the money out of your CDs to pay the loans so be careful.
Bad Credit Personal Loan, No Credit Check And Credit Cards Choosing the right collateral So what is the right collateral to secure a bad credit bank loan? Generally, you'll want to use some collateral item that is high in value and that has a relatively easy to access market in case the bank has to take possession of it and put it up for sale. Home equity works wonderfully in this role, since the equity doesn't require any specific market as it's already in a form that can be easily transferred by banks. Other types of collateral that do well for these loans are real estate and automobiles. Getting the most out of your loan Once you've decided what you want to use as collateral for a bad credit bank loan, you need to decide upon the actual amount that you're going to request a loan for. Ideally, you want to ask for an amount much lower than the value of your collateral; a lower asking amount can help ensure that the bank will get its money back even if it has to expend the additional costs of taking possession and putting the collateral item up for sale. The larger the difference is between the collateral value and the asking amount of the loan, then the more likely it can be that the bank will consider the potential for them losing their money to be worth the risk. to learn more about this exciting offer please visit our website at Private Fast Loans.com Guaranteed Personal Loan Unsecured Personal Loans and Lines of Credit. Any Purpose Secured Are you short on rent this ...
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