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re: Questions about Borrowing money to build credit
Posted on 7/19/13 at 4:56 pm to D Tide
Posted on 7/19/13 at 4:56 pm to D Tide
quote:
Does it help your credit to borrow 5,000 and pay it back in a month or so.
Probably not significantly. If you want a good credit rating starting from scratch get a credit card, use it for your everyday expenses, and pay the balance every month in full. Repeat for a few years.
1
Posted on 7/20/13 at 5:10 pm to foshizzle
Your amount of paid/satisfactory accounts will increase by doing that, but your average credit length will decrease due to opening and closing/paying it so quickly.
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