Build Credit While You Save
We all know that one of the most daunting moments is the moment when you sign in to Credit Karma or a credit monitoring services for the first time ever and you await your credit score to load. You may have a nervous or anxious feeling and then boom you get the results. In most cases it may not be exactly what you were hoping considering since you may have stumbled on my page looking for credit building services and tips. For over two years I have been referring my family, friends, and clients to Self and has provided more than satisfactory results for them. Formerly known as Self Lender they recently relaunched themselves as just Self.
Here are some interesting stats and facts
One in four Americans do not know their credit score
63 million Americans have a credit score of 599 or less
35 percent of your credit is based on payment history
Pros & Cons w/ Self’s credit builder account:
Pros
You can pay as low as $25 to $50 a month into your credit builder account between a 12 month to 24 month term.
Each on time monthly payment gets recorded to all three credit bureaus.
Once the term is up you are ready to take out the money you have been depositing minus fees and interest, so while you have been investing in building credit you also have been saving.
If your credit starts with a 3, 4, or 5 you will have the biggest impact on your credit as early as 30-45 days.
After some time you can convert a portion of your credit builder account into a secured credit card. This will add another trade line to your credit profile which is key to building credit.
Cons
There is interest and fees associated with the credit builder account
If your credit is over 650 it may slightly effect your credit based on prior client experience but may vary from credit profile to credit profile
Starting off with a secured card then graduating to an unsecured card may bring you better credit building results..