What if i open 20 loans in my name and pay them off in 3 monthes will that build a high score?

Question

What if i open 20 loans in my name and pay them off in 3 monthes will that build a high score?

Answer 1

Doubtful.  Debt is also considered when calculating your credit score.  This will probably backfire.

Answer 2

i doubt anywhere would let you have that many loans out at once. they do a credit check each time you apply for a loan. and looks bad if you already have one or two, even three loans out. if thats the case you will have a hard time borrowing money unless you have really good credit. I would take out a small loan ($500) and either pay on it for a while or wait until its paid off and do it again (for 1000.00) then go up from there and build you some credit. but i really dont think its remotly possible to have 20 loans out.

and it is not how fast you pay them off. the credit builds when they see that you can pay consistently over a long period of time...thats what builds the credit score.