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Question

I was told if u are saving money in a bank,you can borrow on that money like a loan. It's suppose to build your credit score. Have you ever heard of this if so and did it,did your score go up.

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mamaofficer

Asked by mamaofficer at 1:05 AM on May. 12, 2011 in Money & Work

Level 31 (50,120 Credits)
Answers (3)
  • no.. not unless it's a special savings account (I forget the certain names, but they are like 401k's that you establish with your bank rather than employer).
    xxhazeldovexx

    Answer by xxhazeldovexx at 1:27 AM on May. 12, 2011

  • What you CAN do is lock your savings in an account that you do not have access to, and then get a line of credit up to that amount. You then run EVERYTHING through it, and PAY IT OFF COMPLETELY at the end of the month.

    This is usually NOT a good idea UNLESS you are very disciplined, because if you max it out and use your savings to bail you out, then you are broke AND your score has not improved.
    livewell

    Answer by livewell at 7:01 AM on May. 12, 2011

  • You can borrow against a 401k account
    rkoloms

    Answer by rkoloms at 8:19 PM on May. 12, 2011

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