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CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!
@Anonymous wrote:
CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!
I'm pretty sure you'll be okay. I seem to remember having a similar short-term scenario where I expected the money to pay the CLOC and it didn't. But if you try it and it doesn't work, you can always pull it out again -- won't cost you anything.
@Anonymous wrote:
CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!
No, a positive balance in your checking account does not automatically go into the line of credit; you would have to voluntarily make the transfer.
@SouthJamaica wrote:
@Anonymous wrote:
CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!No, a positive balance in your checking account does not automatically go into the line of credit; you would have to voluntarily make the transfer.
No it seems as though he's saying he got a CLOC without an HP or application. Like a shopping cart trick. Is this true OP? And what's your scores? Also where did you hear this trick at? On here? I'd like to try this if its possible, as well. Thanks!