Line of Credit (Real or Scam)?

Financing, Hard Money Lenders, Private Money
1

Hello All:

Has anyone of you heard of or have experience with companies that claim to establish personal or business unsecure line of credit by either:

  1. setting you up with established trade line, which would increase your credit score to the 700s. if your current credit score is 625 or higher.

  2. Creat a new CPN trade lines (season) approved loans and major credit cards.

I am curious but skeptical about these offerings. Fees range from $4,500 - $5,500 (read below). Please share your experiences or thoughts.

[b]The Gold Package: $4,500.00 initial payment to start program:
can start contract with $2,500 down, balance due after credit work is comlete

You receive your personal CPN and 4 trade line posting within 7-14 days. You will receive several lines of revolving credit accounts which will total $100,000 or more. The entire process will take six to eight weeks from inception. After the lines are established you will be billed a total of 15% of the aggregate lines of credit.

The Diamond Package: $5,500.00 initial payment to start program:
can start contract with $2,500 down, balance due after credit work is complete

You receive your personal CPN and 5 trade lines posting within 7-14 days. You will receive several lines of revolving credit accounts which will total $150,000 or more. The entire process will take six to eight weeks from inception. After the lines are established you will be billed a total of 15% of the aggregate lines of credit.

Lines of credit or personal loans are all financed through major banks such as Wells Fargo and Bank Of America as well as smaller regional banks such as Regents Bank and others.[/b]

2

Have you tried it?

Looking into Corp credit as well let me know how it turns out .

EJ
NRSWORKS

3

I have heard many pitches. Some are scams. Some are not. They are all too expensive. You can do better on your own with a little research and work.

4

Thanks guys, for your responses. I have not tried it yet. I inquire with a member of my local REI clubs today as well. She did similar program for a personal line of credit, recently (before all the wall street fall out though). She was able to get $55k line of credit…and paid 7% of the total line of credit.

I will keep the group posted if I find more info, or if I actually try it. Likewise, you guys keep me posted with any new info.

5

Here is the bottom line:

  1. Stay away from cpn’s
  2. Stay away from corporate credit unless you have a corp and are getting the lines yourself.
  3. Never pay upfront for lines of credit (this is illegal)
  4. Adding a tradeline will not help if you have negatives on your file.

I have obtained personal lines of credit (business lines are too tight now) and have added two tradelines and removed negatives.