{"id":3928,"date":"2008-08-26T10:19:57","date_gmt":"2008-08-26T15:19:57","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/08\/26\/bring-your-credit-from-zero-to-excellent-in-8-months\/"},"modified":"2008-08-26T10:19:57","modified_gmt":"2008-08-26T15:19:57","slug":"bring-your-credit-from-zero-to-excellent-in-8-months","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=3928","title":{"rendered":"Bring Your Credit From Zero To Excellent In 8 Months"},"content":{"rendered":"
by Jim Bransby<\/div>\n

We all start with the same credit<\/a> history in the beginning: none. And apparently, when you try to secure a loan, lenders see no credit as worse than having bad credit. The problem was even worse for me, since I was out of the country for seven years, and when I came back to the United States, no one wanted to even think about lending me money to build up my credit history.<\/p>\n

It can take years to build up a credit rapport, especially when your history is blank. But, I managed to turn my credit around in just 8 months, with a little research and a lot of hard work. I was in the market for a house and a car, and I needed all three credit agencies to report that my credit was excellent.<\/p>\n

I began by calling come of my friends in the credit field, by searching the internet, even by reading books on the subject of lending. Using the knowledge I uncovered, I started to build my plan to bring my credit from nothing to the top 80% of debtors.<\/p>\n

The first step is to gather a list of banks and credit unions in your area. I found two credit unions and two banks within all within two city blocks of each other. I made sure I would be allowed to join the two credit unions and that everyone offered online banking for free. My first day of leg work was about to begin.<\/p>\n

The first step is to search out every bank and credit union in your city. Youall need to establish a checking account to get started. I opened a checking account with one of the credit unions I found, and deposited $10,000. Then, I asked for a secured personal loan of $8,000 against my deposit. When I explained I was trying to establish a credit history, they were happy to oblige. My $10,000 was now frozen in the account, and I had $8,000 in borrow cash. As I paid the loan back, the funds are released from the account.<\/p>\n

Next, I went to another credit union with the $8,000, and opened another checking account. Once again, I asked for a personal loan of $7,000 against my $8,000, to help build up my credit rapport. I continued to do this at two more banks, until the last account held a $6,000 deposit, and I had $5,000 in hand.<\/p>\n

My nerves set in as I realized I had just taken out $26,000 in borrowed money by using $10,000 in cash, and I started to worry that this wasnat going to work. I was afraid that I could have made a huge mistake and ruined my credit forever. It would be impossible for me to keep track of all of the accounts and the money I owed by myself, so I used online banking to make the payments for me. Turns out, everything worked out great. The loans were all paid off within 8 months, and I created a record of being able to pay of large amounts of money each month.<\/p>\n

When it was over, I got a little over $8,000 back on my initial $10,000. The banks and the credit unions ended up with the rest of the money to cover interest charges, but I ended up with an excellent credit rating in a short amount of time, and I know have four credit cards, two of which carry limits of $25,000 each.<\/p>\n

\n
About the Author:<\/div>\n
To find out exactly how you can get your annual credit report<\/a> visit my credit report<\/a> website.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

We all start with the same credit history in the beginning: none. And apparently, when you try to secure a loan, lenders see no credit as worse than having bad credit. The problem was even worse for me, since I was out of the country for seven years, and when I came back to the United States, no one wanted to even think about lending me money to build up my credit history.<\/p>\n","protected":false},"author":1710,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-3928","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1710"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3928"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3928\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}