Improve Your Credit Through a Bank

You can use this method if you need to build your credit back up, or if you are just starting out and need credit references.

Steps

1. Go to two or three banks and purchase a C.D. (Certificate of Deposit) in each.
2. Go back to each bank and ask to borrow the same amount of money you invested in the C.D. and offer to secure the loan with your C.D.
3. Take the money you borrowed and put it into an interest-bearing account. This money will be used to help pay back the banks.
4. Make a monthly payment every week for three weeks, then monthly thereafter, until the loan is paid. You now have two or three banks that you can list as credit references.
5. At least once a year, request a credit report so that you can:
   • Make sure that your identity/credit isn't being tampered with.
   • You can see the status of your credit.
   • Credit reports are free to receive, once a year.

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See also

• Dispute Items on a Credit Report
• Organize and Manage Your Bank Account
• Dispute Credit Report Errors
• Maintain Good Credit
• Maintain Your Credit Rating
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