This is a secured credit card in your name used for the sole purpose of helping you build your credit score.
• No minimum credit score required. That means, there is 100% hope for you!
• The credit limit is low, but you have to start somewhere in order to establish and build your credit back up.
• The card reports to all three credit bureaus 6 times a month.
• They will allow you the option of getting two credit cards. Which is double the credit building opportunity.
Having a self lender account is different from the others. But, still a great choice, especially for account diversification.
This is a CD (certificate of deposit) that reports to ALL THREE CREDIT BUREAUS. You will receive the money back after it matures in one year.
There is a small origination fee (around $9 – $12), then small monthly payments after. It is based on how much you want the CD to report. Each payment is reported to the 3 credit bureaus (don’t screw this up!).
At the end of the term, you’ve paid off the loan and you can get the money back + interest. Hence, saving money while boosting your credit.
NEW AND PAID TRADE LINE ALERT = POTENTIAL CREDIT SCORE INCREASE
We’re in this together. From online or mobile, whenever, wherever.
• They are currently reporting to Transunion AND Equifax; they will also report your rent as a tradeline to your credit report.
• They can backdate your rental history up to 24 months.
• They will verify all information, including ownership of the property so ensure you have a good track record with your landlord first.
Experian Boost is a newer product that Experian launched last year.
Experian will report *utility bills* to your Experian credit report, in exchange for your bank account information (that is where they will verify your payment history each month).
News reports are stating this will be done for free. However, I can’t seem to find this on their website so we shall see! How would you feel about providing your BANK ACCOUNT INFORMATION in exchange to report your phone/electric bills?
APPLY IN MINUTES!!!
PAY AS YOU GO!!!
ADD PRIMARY RENTAL TRADELINE TO YOUR CREDIT REPORT
Rent is the largest monthly expense and your clients are currently not getting credit for making these on-time payments. Adding a rental tradeline to their credit report can help diversify their credit portfolio and can improve their credit score.
Its helpful for renters seeking to build or boost credit.
Members see an increase in their scores between 5-100 points.
To register you will need: (1) a valid rental agreement within the past 24 months, (2) a social security number, and (3) a bank account that you use/have used to pay your rent payments.
No landlord interaction is required.
Approvals are immediate.
The rental tradeline benefits:
Provide us with the following information:
Verifies your data: this can be as fast as 1 day if everything is in place, but can take longer if information is missing
When will my rental tradeline report? Credit report is updated with their rental tradeline (~10-15 days after their rental verification is complete; depends on the credit bureaus)
Side Note: Capital One Secured Card and Discover Secured Cards – Although they are secured cards, they are still extremely difficult to get approved for if you have negative items on your credit report. Also, if you have ever defaulted with them or had a late payment, you will get denied. Its better to NOT waste a credit inquiry on them. That is why the list was put together. To ensure higher approval odds with challenged credit. There are many other banks aside from the major ones, so do not worry.
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