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Originally Posted by BusterPorn
You would only have to give the credit card compnay $500 not a thousand but there is a better way to establish credit and do it quicker than with one credit card reporting to equifax etc.
Here is what you do. Go to your bank and tell them you want to borrow $500.00 and they will ask you for security. tell them you will open a $500.00 CD as colateral for the loan. Note you are making money (even if it is only a little bit) on the deposit that is securing the loan and they will be happy to do it because the CD is at their bank. Next, take the $500.00 they give you and go to another major bank and do the same thing. Repeat this 3 more times and you have 5 major banks all reporting to equifax, etc....
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I'm not that familiar with the US credit system, but: wouldn't taking out several loans in quick succession throw up flags when the banks further down the shortlist do their credit checks?
I had an application for a store card rejected, and it was most likely because,
(a) the bank where we applied for a home loan did an enquiry TWICE under slightly different company names
and
(b) the second enquiry was the day before I applied for the store card.
