oceanists
Active Member
Here's a way I was able to raise my FICO score without spending any money.
I went from a 505 to a 670 just doing this 3 times.
1) Go to your bank and buy a 6 month CD at the lowest dollar value that you can (approx $500 to $1000)
2) About 2 weeks later, return to the same bank and apply for a loan for the value of the CD. The bank really has nothing to lose since they have 100% colateral on the loan
3) Pay off the loan on time. You must take a minimum of 6 months to pay it back for it to show up on your credit report so try to get a loan with a 1 year payback plan. Pay half off in the first payment, than pay off the loan as normal for the next 5 months.
4) Cash the CD and put the money back in your pocket.
I went from a 505 to a 670 just doing this 3 times.
1) Go to your bank and buy a 6 month CD at the lowest dollar value that you can (approx $500 to $1000)
2) About 2 weeks later, return to the same bank and apply for a loan for the value of the CD. The bank really has nothing to lose since they have 100% colateral on the loan
3) Pay off the loan on time. You must take a minimum of 6 months to pay it back for it to show up on your credit report so try to get a loan with a 1 year payback plan. Pay half off in the first payment, than pay off the loan as normal for the next 5 months.
4) Cash the CD and put the money back in your pocket.
