A cheap and easy way to repair your low credit score

Is your credit score a bit lackluster? Are you tempted to contact one of those credit repair services that advertise on television between Alfred Hitchcock movies at 3 a.m.? Do bankers laugh at you when you ask if you can get a loan to buy a new toaster? Is that your problem? If it is, I have one solution for you.

One of the things which will raise your credit score in a hurry, is a loan which you pay off on time, but how do you get a loan to pay off, when your credit rating stinks? I have found that if you go to a credit union and quickly explain the following plan to them, they'll be glad to work with you. The reason they will is because this strategy presents little or no risk to them.

Tell the credit union loan officer that you want a $1,000 loan to help repair your credit rating. Tell them that you'd like the money deposited into an account strictly for the purpose of repaying the loan. Set it up so that $300 is repaid at 30 days and $300 at 60 days, with the remaining balance paid at 90 days. You'll have to add about $40 for the final payoff to cover the APR, but that's a very cheap price for effective credit repair.

Try this little gambit yourself. Run it three times in one year. The result can be an increase in your credit rating anywhere from 30 to 90 points. It's fast, cheap, easy and effective. Personally, I also think it's quite brilliant.