Five Steps To Obtaining A1 Credit
If you truly want to solve your credit problems of the past, you can do
it in a short period of time IF you are willing to be disciplined about
payments.
This five step formula will help you to repair your credit, establish a
solid record, and finally enjoy all the benefits of having good credit.
With this five step plan you will finish with 3 bank loans, a credit card
and one or two department store credit cards. Just don't blow it by actually
borrowing more than you can repay immediately.
Better yet, you will then be in control of your financial destiny.
STEP 1 � Save or borrow $1000 that will be used to secure loans.
STEP 2 � Locate lenders
Call and locate three lending institutions such as banks, savings and loans,
or credit unions. Ask them what minimum amount they can loan against passbook
savings and at what percent are their loans.
STEP 3 � Deposit your money and then borrow against it
Open a savings account with Lender A and deposit your $1000. Wait four
days. Dress professionally and go back to see a loan officer.
Explain you want to take out a loan amortized for one year with monthly
payments and use you savings account as collateral. This should be easy
for them to do because cash secures it, but you may need to give them a
reason. They'll most likely be willing to loan you 90% or $900.
If they check your credit, be prepared to explain that you are trying to
rebuild your credit and plan to make regular monthly payments.
Go to Lender B with your loan check. Deposit it. Wait four days and ask
for a loan from that lender. If they give you 90% that is $810 and you can
go to Lender C, make a deposit, wait four days and borrow from them too.
STEP 4 � Begin making payments
Use the last borrowed money, $729, to prepay all three loans at least two
weeks ahead of their due date. Save the remainder and use it to make another
payment on the first due date for your payments.
As you make payments, an equal amount of principal should be unfrozen at
your passbook account. Withdraw it to make a third payment at each bank,
but do it on the due date of the second payment so you will now be one month
ahead in payments.
If you borrowed from every lender at 7% and earned just 3% from your passbook
savings account, this will cost you less than $20 to establish your good
credit.
STEP 5 � Get a secured credit card.
After you've made all your payments, choose your favorite lender and ask
them for a secured credit card that will give you $1000 line of credit with
your passbook savings as security.
When you get it, go buy something that costs several hundred dollars at
a department store that allows refunds (not store credit). Wait a couple
of weeks and return the product. When you do, the credit will go on your
credit card, but looks exactly like you paid off your card.
After you've established a good credit record on the secured card, go to
another lender and use your improved credit to get an unsecured line of
credit. Go through the same process as before with the secured card.
Now a department store will allow you to obtain their credit card as an
additional source of building credit.
With all this improved credit, just be sure you contact your local credit
bureau and have them post the new information. They may charge you a small
fee but it's worth it and you'll also get an updated report.
A full description of this Credit Improvement Program, Money Making Solutions
and more can be obtained through the Credit Repair Tool Kit
Get
the Credit Repair Tool Kit >> 
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