has anyone ever taken out a loan?

Im just curious, thought about this earlier and was wondering if it could possibly work. What if you took out a loan of say 5,000$, bought a mac or whatever you want really and refunded it, once the money is back just pay off the loan entirely? It would not effect your credit, and there would be no interest accrued so youre not losing money.

What are your thoughts?

Obviously, its completely possible. I just don't think its worth all the effort. I would start small with items you can afford. Possibly get a credit card and build up your credit limit to a few thousand dollars.

its good i wish i had good credit to do it thouhg

where would i even get a 5k loan lol

Anytime you take out any loan in your name, the institution giving you the loan will use a hard credit check, this affects your credit negatively but will clear after ~2 years. Yes even if you accrue no interest and make perfect payments, even if you pay it off right after; the hard credit check affects your score.
Soft credit checks like from a utility (electric, water) won't affect your credit score but will show up on your credit report via Experian/whatever

just get a credit card. i signed up for a discover and they gave me a $15k credit line right off the bat

Originally Posted by _Bump_

just get a credit card. i signed up for a discover and they gave me a $15k credit line right off the bat

the interest on that line of credit is probably retarded

Originally Posted by DildoTheCloutGod

the interest on that line of credit is probably retarded

Dosent matter if it is paid off each month

Originally Posted by DildoTheCloutGod

the interest on that line of credit is probably retarded

First year is 0%

Originally Posted by DildoTheCloutGod

the interest on that line of credit is probably retarded

I never hold a balance on it, I usually use it for refunds and day to day purchases which they give you a % back on, so actually end up making money back

Originally Posted by bookz

its good i wish i had good credit to do it thouhg

where would i even get a 5k loan lol

Originally Posted by aznanimality

Anytime you take out any loan in your name, the institution giving you the loan will use a hard credit check, this affects your credit negatively but will clear after ~2 years. Yes even if you accrue no interest and make perfect payments, even if you pay it off right after; the hard credit check affects your score.
Soft credit checks like from a utility (electric, water) won't affect your credit score but will show up on your credit report via Experian/whatever

Originally Posted by _Bump_

just get a credit card. i signed up for a discover and they gave me a $15k credit line right off the bat

Originally Posted by _Bump_

I never hold a balance on it, I usually use it for refunds and day to day purchases which they give you a % back on, so actually end up making money back

Yeah I have a credit card, probably should see about upping my limit soon as I have made perfect payments. I was just curious though, was a thought that came to me lol

Originally Posted by Dunder Mifflin

Im just curious, thought about this earlier and was wondering if it could possibly work. What if you took out a loan of say 5,000$, bought a mac or whatever you want really and refunded it, once the money is back just pay off the loan entirely? It would not effect your credit, and there would be no interest accrued so youre not losing money.

What are your thoughts?

Yes, that is what pretty much people using a credit card to buy a mac and refund it are doing. A credit card is a type of loan from the bank.

If you change your billing address on the new credit card then sure.

Originally Posted by Dunder Mifflin

Im just curious, thought about this earlier and was wondering if it could possibly work. What if you took out a loan of say 5,000$, bought a mac or whatever you want really and refunded it, once the money is back just pay off the loan entirely? It would not effect your credit, and there would be no interest accrued so youre not losing money.

What are your thoughts?

If you want to build your credit, you could get a credit card, order a product, refund it, and then keep the money in your checking account. Set your credit card up online so that you pay off your account balance every time your statement is released. If you aren't an idiot and can keep your hands off your money, it would come out as a nice net positive for you in the end.