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DonM said: "I had a great idea when I filed bk7 in 1997. After it was discharged, I went to my credit union asking them for a 500 loan. Of course the denied me but I asked them to Keep the 500 as collateral in my account and put a FREEZE on that 500 dollars til I paid that off. They Agreed. I paid that for 4-5 months.
Then I took out a 6,000 loan with the FREEZE on it. My payment was 135/month for 60 months. Here's the good part -- for each payment I made, no matter what I paid, They Took the FREEZE off of that amount. So I had access to that money.
For Example: If I paid 200 dollars that month-I was allowed 180 dollars ($20 finance charges) to come out of that FREEZE account and put into my checking account. So my balance was 5,820.
This is just an example. I was fortunate enough that my credit union worked with me on this. I still had access to the cash I made minus the finance charge for that month. I paid that off in 6 months.
So I took out another loan for 7,500 dollars and they didn't require any collateral or FREEZE.
This cash got me back on my feet since I was laid-off from work.
So within 1 year I accessed 3 loan accounts. I established 3 credit tradelines on my credit report. My scores went up and I had no problem getting credit cards after that.
Times may have changed in the last 8 years but do you think its worth a try ??"
JoshJohnson said: "That's a pretty cool tip if it still works."