Since the update, you can no longer use a certain duplication glitch. However, you can create a second Gamertag, use a second controller to make a new character appear in your main file (Just press START), and then GIFT all your weapons, clothes, money to the new character. Now, use that character to gift all that stuff to your brand new one. It will take a while, but you get to pass on your leveled-up weapons (Except Hero Sword/Hammer/Rifle/Pistol )and all those Legendary weapons you might have not gotten this time around.