Building credit is actually easier than you might think. It takes a little but of knowledge and the right information and you are on your way to build or acquire credit. Bank institutions always cater to people who have very good credit and they reserve their loans for these people because they are confident that the client will pay back the loan at the specified interest rate. But if you have bad or no credit it can be difficult to get any of these loans for either a home or a car and even if you do get a loan you will be at a ballooned interest rate, sometimes paying almost twice the rate of someone who has good credit.

So what the solution to this? What you should know is that to begin to clean your credit you need to start adding positives to your file, and one of the most prestigious positive lines you can get is a bank loan, even better you can have three at the same time.

To begin you will need about $1000, note that this money is not spent it will be used as collateral to acquire your bank loan. Next you need to find three top banks, consider using Bank of America, Chase bank and Wells Fargo. Once you locate the banks you have know laid the ground work. For the purpose of this article we will label the banks as A,B,C.

Go to Bank A with your $1000 and open a savings account, there should be no problem doing this because most banks will open an account for you without any credit check. Once you have received your bank account go home and wait 3 days. Return to the same bank and tell your bank officer that you want to apply for a loan using your savings account as security.

Most of the time they will issue you this loan with no questions asked but be prepared to answer any questions if they might come, for example you might be asked what the purpose of the money is. You might also be subject to a credit check but you should be given the loan because your savings account will act as security. Make sure you tell your banker that you want the loan amotized for 1 year installment payments. Also your $1000 will be frozen for the loan and as you pay it back monthly the exact amount will be freed up for you. Once you have received the loan go to Bank B open a new account depositing the loan amount.

Once again you will go through the above process again, and do the same for Bank C. Once you are done, you now have 3 top bank loans which you are making payments on every month, and all this will cost you is the price of interest rates