I want to get three credit cards and transfer balances between the three cards each month to build up my credit history. Is this a good idea? How should I go about doing it? Is there any other way that I can build my credit history quickly?
No. This doesn't demonstrate that you have the ability to borrow and repay a loan. All this demonstrates is that you can move money from one lender to another, probably paying fees in one form or another as you do it.
Quick answers are most often not solutions. Borrow for a need and repay that loan on time. Many people believed they could borrow money one month and repay it the next, then borrow more, and they believed they could repeat that process again and again and suddenly be able to borrow tens of thousands of dollars on their signature. It doesn't work that way. Lenders want to see the ability to repay over time.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
No. This doesn't demonstrate that you have the ability to borrow and repay a 