Hello Contesthamster. Thanks for sharing.
Let me know if I understood right. You put $1000 in a CD, then borrow the same amount of money at the same bank and use the CD as a collateral? And then, when the CD matures you take out the money and pay off the debt? I didn’t know such a thing was possible.
The part I still don’t get is what gets reported to the credit bureaus. Can you please clarify. Thanks.