Hello again. Many of you have voiced concern over the shopping cart trick, thiis post is a continuation of the several episodes explaining what to do when the shopping cart trick fails. There’s many alternatives out there and in fact you really should be using all the alternatives all at the same time for best results. I have gone over the shopping cart trick enough that i am not going to do it again. To read more about it, go to some of the previous articles and YouTube Videos.
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Tycoon Theory
I have a concept that I call tycoon theory. In a nutshell it’s the idea that you put all your eggs in one basket and was you really just going for scrambled eggs. The basic concept is this spread out your efforts over several different projects. I’m talking about multitasking; multitasking is running around like a chicken with your head cut off praying that something happens for you. That won’t work. That’s just can make you tired.
When talking about is learning many different tactics and applying all of them with the idea that some will perform a little bit, some will perform at all, but others will perform so well that it will offset those that didn’t perform very well.
Really, that’s what this entire video series when the shopping cart trick fails, is about. Right now we’re starting to see the shopping cart trick not work every single time. I can’t say for sure that they’ve shut down the algorithms or it’s an Internet issue or if it’s just become unpopular but one thing’s for sure you can’t count on it or any other single thing if you want to build your credit. You can have to learn many methods and as you guys know, I teach many methods.
What ARE Cd and Savings Account Secured Loans?
CD or savings account loans are simply personal loans that you would take out with your bank or your credit union that are backed by a savings account or CD or some other form of monetary collateral.
They come under the larger heading of personal loans, although not all personal loans would be a CD or savings account loan. Other examples of personal loans might be alone where you’ve used your car or your boat or a motorcycle or some other vehicle as collateral. Sometimes a personal loan could be used the way I’m about to describe as well but most often that’s not the case.
The most important part of a CD or savings account loan will be the fact that the credit union to bank reports the payments to a credit reporting agency such as Equifax, Trans Union or Experian. If they don’t report to one of the big three then there will be no point in you getting alone against any sort of collateral. It won’t help you build credit.
What Your Need to Know BEFORE You Sign
There’s five things you need to know before you sign up with any lender, whether it be online or off-line, regardless of the loan. By the way, this is true for any type of loan at any time, not just alone designed to build your credit.
First things first, you need to make sure they are reporting to the credit bureaus. If they’re not then it’s definitely going to be no deal because is not going to help you.
Next you’ll need to know what the minimum deposit is. Some banks won’t give you alone unless you have a sizable amount in the account. Others will only lend you at $0.50 on the dollar. You need to take into account how much money you’re going to tie up and for what amount of time.
You need to know the interest rate. And you’ll need to understand the interest rate difference between whatever the account is where your placing the money and the account you’re borrowing from. I’m going to do a case study in the next slide to explain this a bit better.
A Case Study – My Daughter
What I’d like to do now is walk you guys through a case study from real life. I’m going to use my daughter as an example. When she started driving in high school, I got her an old beat up Nissan Altima. It lasted till her sophomore year of college. When it finally wore out and died one evening, she called me to let me know in no uncertain terms that she needed another vehicle. Well since she was now an adult, I felt it was time for her to start doing this on her own and I showed her how.
In her case the issue is not that she had bad credit, she simply had no credit… She was fresh out of high school.
She took $15,000 from her college fund and placed it in a 5-year CD where she banked. The interest rate with something like 2%. She and I then went and negotiated a deal on a brand-new Kia soul. Now granted she had the benefit of a father who negotiates millions of dollars’ worth of real estate deals all the time, so the dealers never had a chance. She got a fully loaded Kia with all the buzzers and bells for a little bit under 15,000 bucks.
She then went to the bank and borrowed the money to pay for the car against the CD loan. The bank charge to pretty close to 5% on that loan. I think it was for 4.89 but, let’s go ahead and use a 5% right now anyway because it will be easier to do the math. Of course the bank is one of those banks that will report to the credit bureaus on this type of loan.
My daughter got a brand-new car with an effective interest rate of 3% which is pretty darn cheap when you consider that she had absolutely no credit going into this. The loan was secured by the CD not the car like most folks who buy a car. The car itself was free and clear which substantially lowered her insurance. Meanwhile she made the payments on time and Had a credit score that was better than average within a few months. Within two years she had a credit score in the mid-700s. Not bad for a young lady who was barely drinking age by the time she achieved that score.
In Summary:
That should generally cover it regarding CD and savings account secured loans as an alternative to the shopping cart trick. If you have any questions or comments, or you have problems getting accomplished please ask your questions below in the comment section so that anybody can benefit. Now you remember at the very beginning of this I told you I had some free gifts for you. Here they are. What I’m going to do is give you a huge list of about 160 or 170 banks and credit unions that I know of that will do these sorts of loans and report to the credit reporting agencies in order to help you out. Needless to say, there’s many, many more banks doing this than there is retailers doing the shopping cart trick. You’ll see here on the slide a web address for the free list. If you click on that link it’s going to take you to a page that will not only get you access to that list but will also provide you the free version of our credit repair course. That little short course that’s free by itself will get you started on getting repairs made Disputes started and pretty much anything else having to do with your credit.
To Access the ULTIMATE Credit Repair Course Material:
Click HERE to Access the ULTIMATE Credit Repair Course! >
To Access the Free Webinar:
Click HERE to Watch the FREE Webinar! >
To Access the FREE LIST:
