Saturday, May 22nd, 2010
Could I borrow money from a bank account of mine, pay interest on the loan, and build credit by doing so?
donwolfe1@sbcglobal.net asked:
If the loan was reported to the CRA’s as valid and in good standing, would this reflect favorably on my credit report? How might this be done? Could I also write off interest payments?
If the loan was reported to the CRA’s as valid and in good standing, would this reflect favorably on my credit report? How might this be done? Could I also write off interest payments?
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May 24th, 2010 at 5:46 pm
You can’t “borrow” money from your own account. It could be done if the bank is willing to grant you a bona fide loan using the bank account as collateral. You’d have to find out if the bank reports such loans to the credit bureaus. You cannot “write off” interest payments on personal loans.