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kcalrocks

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How can I use a loan from my credit union I use for saving to benefit my credit?
So I've been thinking, I have a saving account with a credit union here in town. Is it a good idea if I go in their and ask for a 500$ loan and then pay it off the next day will that benefit my credit score?
If this is possible how exactly can I go about doing this?
Would I just ask them when they report to the credit bureau's, get the loan 3 days prior then pay off the loan the day before they report? Or the day after?

And do credit unions do a credit check to receive a loan? If so would it hurt my credit more than help by it doing this?


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Yes, the credit union will run a credit report before offering the loan.  You can ask them for a credit builder loan if you have poor credit.  Although your credit score will take a hit at first, it will slowly go up as you make payments on the loan/credit card or whatever you end up getting.  To learn more about how to improve your credit, I recommend www.credit.about.com; it's free and no signup needed.

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