im not very articulate so im just going to explain what happened and hopefully you guys can point me in the right direction...an accountant came to my home and offered me a deal that sounds to good to be true...she told me that i could buy an american express and a gold master card with a credit limit of $16,000 and the other of about $10,000 for the price of $750...in doing so it will temporarily boost my credit score in which she can get me approved for a loan of up to $500,000 which she will take a percentage off in the end and it will all go into my bank account....now the deal was i buy 4 cards at $750 a piece to boost my credit score up 200 points, then she will get the loan for $500,000 and take about $50-$80 from that.....i wanna know is this legal ?
3 Answers from Attorneys
Of course not. The person who came to your house was a criminal and not an accountant and is going to keep the $3000 you pay her and disappear. Why did you not call 911 immediately and have her arrested?
Accountants do not come to your home and make deals like this. This is a scam. You do not buy credit cards. And having credit cards does not mean that a bank is going to loan you any money. What would the loan be for? Think for a second - since the economy tanked in 2008, banks are not lending at all like they used to. They are requiring documentation so you will have to substantiate your income. And if you have credit issues, there is no way they are going to loan you money until you get these resolved.
If you want to boost your credit score, having a low debt to income ratio will certainly help and extra lines of credit will help with that. However, you don't buy credit cards. You apply for cards and its up to the credit card issuer to extend credit to you. If you are asked to buy cards, then I have a real question whether they are legitimate cards or not. They sound like stolen credit cards. Run away from this.
PS - if you have credit issues, I may be able to help depending on what is wrong. The best way to boost your credit is by getting charge-offs and delinquencies resolved. Please email me at email@example.com if interested.
I agree with the others. If you have this person's contact info, call the police and let them know about what is going on before someone else is ripped off. Either they will take your money and give you credit cards with false numbers (causing you to lose your money and be arrested for credit card fraud when you try to use the cards), or they will help you get a loan in the way they are saying (unlikely but possible) subjecting you to a long term in a federal prison for bank fraud.