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?

borrow build credit
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?

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

This entry was posted on Saturday, May 22nd, 2010 at 12:00 am and is filed under Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “Could I borrow money from a bank account of mine, pay interest on the loan, and build credit by doing so?”

jlf Says:
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.

CreditRepair/TaxMan Says:
May 27th, 2010 at 4:54 pm

Its not really going to help you, and mostly will not affect your credit in any way (good or bad.) Just keep paying on a loan (or if you dont have one , get one.) this will help your credit.\

Gala Says:
May 29th, 2010 at 8:24 pm

No but the bank might be willing to give you a loan that’s the amount of your account, with that $ pledged as security. Your bank will help you–go talk to them and see what they think would be the best thing

Mrsmaureen Lewis Says:
June 2nd, 2010 at 4:25 am

I am Mrs Maureen Lewis from Italy,God has bless me with three kids and a loving husband , i promise to share this Testimony because of God favour in my life,4months ago i was in desperate need of money so i thought of having a loan then i ran into wrong hands who claimed to be a loan lender not knowing he was a scam.he collected 1,700USD from me and refuse to email me,since then i was confuse,but God came to my rescue,one faithful day i went to church after the service i share idea with a friend and she introduce me to DAVIDSON WHYTE OF DAVIDSON LOAN FIRM,she said she was given 35,000USD by MR WHYTE,so i collected his email Address ,he told me the roles and regulation and i followed,then after processing of the Documents he gave me my loan of 240,000EURO.you can contact him on via email

Leave a Reply

You must be logged in to post a comment.