Banking: Will This Work?

[pastorables]

I found this on the internet. Will this borrowing plan really work? I've never heard of a millionaire's credit rating.

pa

Many people have had opportunities presented to them where quick cash was necessary. Most people are unable to take advantage of the great opportunities because of a lack of cash. A simple procedure is available whereby you can generate quick cash within 24 hours. The process is easy and quick but requires that you first make the preparation and lay the groundwork for the plan. You can call this plan the banking round robin.

Go to ten banks and tell the loan officer at each that you want to borrow $1000 for 30 days. Upon paying off your loans, wait 30 days and go back to each bank from which you borrowed the original $1000. This time request a larger amount depending on what you think the bank will loan, say $5000. If each bank approves a $5000 loan you will be able to raise $50,000 the second time. Continue this step-by-step process. Each time you go to the bank, ask for a larger amount and a longer pay-back period.

What you are doing, of course, is establishing a millionaires credit rating by the process of repetition. That is, you always pay back the money when it is due, and by being prompt combined with the number of loans you've made and PAID, you will have established a very powerful credit rating and relationship with the institutions. In about one year after using this process, you should be able to borrow $20,000 from each bank on your signature. Using ten banks in this plan, you will be able to borrow up to $200,000 on your signature in as little as 24 hours.

[Pastor Gary]

DO banks loan money with zero interest? Would there not be a percentage hit on each of those many loans that could ad up quickly?

[forestwalker]

Banks are vetting their loans much more carefully now. I can't imagine this working.

[stevenson]

I've heard of it and actually know somebody who did this. The problem is that your most likely gonna pay 10 times the interest then just banking with one bank. But my friend built his credit up quick this way and established a very good car lot. When he passed away he was worth millions but could have borrowed way more than he was worth.

He would never keep all his money in just one bank either. He said it was better for your credit if you had several saving accounts at different banks.

I did take his advice on this. we have severaal accounts and several IRA's. When you apply for a loan they want to know about your accounts not what's in them.

[dolfan]

Sounds like a scam to me.

[stevenson]

Not really. If you put a $100 dollars into 10 banks and then ask for a house loan thru a mortgage company, they only ask what bank or banks do you do business with. They have no idea how much is in each account.

If you borrow from all 10 banks at the same time and repay them on time and borrow again, it shows up on your credit report that you borrowed from 10 banks and payed 10 banks back. But the interest you would pay is crazy.