- How It Works|
- FAQs|
- Help
- Log In to your account |
- Sign up now for free!
Credit Advice
Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!
Question
i have some $$ in my bank, should i apply for a loan then repay in a month. would it help my credit?
I was thinking of using the money in my account as collateral for a personal loan of a few thousand, and then paying it in full the next month. Would that help my credit score?
Asked by
krush22
1 year ago
Flag this Question
2 responses
- Prev
- 1
Reply To This Question
The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.
Let the community lend a hand!
3 Most Recent Questions in Credit Scores
How long does it take to recover credit points lost to inquiries?
0 Responses
Asked by Etmicrobe
under Credit Scores
I fell for the Best Buy $1000 gift card gimick on my cell phone . What should I do now?
1 Response
Asked by WRedjohnson
under Credit Scores
Featured Credit Repair Service
- Take action and start work to improve your credit, today!
- Lexington Law helps you work toward the removal of questionable, negative items on your credit reports.
- They have served over 600,000 clients since 1991
- Active Concord-level clients see, on average, 8.7 removals by month 3 and 28.6 by month 12*
*Your Results May Vary
SERVICE PROVIDED BY
Lexington Law Credit Report Repair
Over 1 million negative items removed by Lexington Law last year, including:
- Collections
- Late Payments
- Bankruptcies
- Foreclosures
Copyright© 2007-2012 Credit Karma™, Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
I would open a Money Market account, maybe go to a credit union ...most loans are way better at a credit union. and if you want to get another credit card or request to increase your credit limit on an old card always helps.
blindley 1 year ago
I often thought about doing this also; apply for a loan and not use it for 2-6months then paying it off. I think it will hurt our credit score more then it helps though, because it will decrease our "Average Age of Open Credit Line". That is just my conclusion since I been doing a research. Let me know if you find out the real FACTS or information. Good Luck =D
geminibug 1 year ago