How can you "cheat" your credit score? Improve your credit score in a year?

How can you "cheat" your credit score? Improve your credit score in a year?

Postby carlomagno75 » Mon Feb 28, 2011 3:39 pm

Would taking out a short term loan (about 1 year) and paying it off on time help my credit score? What if I paid it off right away?

I have a good score, but I'm graduating in less than a year and would like to refinance my student loans shortly after. I have a 4 year credit history with credit cards, but no loans other than those student ones.
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How can you "cheat" your credit score? Improve your credit score in a year?

Postby binean » Mon Feb 28, 2011 3:40 pm

paying it off right away wont help take out a lot of secured 90 day loans at the same time
so take $1000 or the most you can bring it to a bank deposit it and borrow the same amount back then go to another bank and do it again keep repeating as many times as you can remember you have to pay interest on all this
tell the bank you want a secured loan when you walk in their more then happy to charge you interest on your own money money is tight in the US now if you need a better credit score for a loan try borrowing overseas it may be easier to get a loan and the credit rates can be better japan is usually around 2%
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How can you "cheat" your credit score? Improve your credit score in a year?

Postby dewitt » Mon Feb 28, 2011 3:41 pm

It is not "cheating" to do so but you will most likely not get such a loan as 1) you are a student and 2) you do not have a job.

And what do you mean by "paid it off right away"? If you mean immediately, i.e. withing the first month, it will do nothing for your credit score. If you mean pay as required, then it can help.
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How can you "cheat" your credit score? Improve your credit score in a year?

Postby nevan » Mon Feb 28, 2011 3:43 pm

It is not "cheating" to do so but you will most likely not get such a loan as 1) you are a student and 2) you do not have a job.

And what do you mean by "paid it off right away"? If you mean immediately, i.e. withing the first month, it will do nothing for your credit score. If you mean pay as required, then it can help.
There's not much you can do other than making your student loan payments on time or paying down the loan faster than required. Your student loan debt is factored into your credit score so any other loans you make will only lower your score. Besides, I suspect any other loans you make will be at a higher interest rate than your student loans and will only cost you money.
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How can you "cheat" your credit score? Improve your credit score in a year?

Postby sparke » Mon Feb 28, 2011 3:45 pm

A credit score is based on a 12 month activity. It usually goes up between 5 to 10% per month. Just get a secured credit card from a bank. Use it for gas and small items and always pay the balance the following month. Make sure they belong to the credit bureau.A good score is between 660/749. Excellent is 750/840
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How can you "cheat" your credit score? Improve your credit score in a year?

Postby ozi » Mon Feb 28, 2011 3:47 pm

If you already have student loans, another installment loan won't help. You should be in great shape with student loans and 4 years with a credit card. Sit tight, don't open any new accounts, and you'll be great in no time.

Refinance student loans? Into what? A personal loan? You'd probably get a higher interest rate in that case. Maybe you are thinking of consolidating. If they are federal loans, I believe there is no credit check required for direct consolidation. As long as the loans are in good standing (you haven't defaulted, etc), you should be set.
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How can you "cheat" your credit score? Improve your credit score in a year?

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How can you "cheat" your credit score? Improve your credit score in a year?

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