How To Build Credit with Bad Credit or NO Credit [w/ Self-Lender]
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- Опубликовано: 13 сен 2024
- When you do not have credit to begin with, you are often left with no one willing to give you a loan. If you cannot get a loan then you cannot build your credit. People with less than a 600 FICO credit score typically obtain a secured credit card. Now, there is also an alternate loan you can obtain to increase your credit score faster.
Self Lender sells a product called a credit builder loan that are traditionally sold by credit unions and community banks. It is essentially a loan to yourself where you make payments to yourself that gets funneled to a CD account. At the end of a 1 year term, the money is accessible to you and you can do as you please with the money. Please see the video for more details.
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you know what's sad is this video only has 57k views but some silly fight video has millions.... hahah oh peoples priorities . knowledge is power people thank you for the knowledge
Lol, I'll have to work on being more entertaining! =D =D
BeatTheBush, start a fight with someone, then help them with their credit! LOL
Don't fret, your vids are the best!!! :-)
Matthew Watkins awareness is key
Matthew Watkins Right...
Knowledge is power and most prior dont know this stuff
thanks for the advice..I'm 2 months in, 35 points up using the 1/2 of 1100 option (550). I had to return to this video to comment that this totally works!!
+Sitlaly Masso It really does and you may want to check out my other vid 'boost credit score in 30 days' to further increase it.
Omg this gave me a great idea this would be a good way save money doing it on your own get a 12 month CD then start paying like 100 to a account then in 5 months you have 500 get another CD and keep going with it
I've been through this exact scenario when I was younger. This is an honest, informative, an accurate account of how to handle a credit builder loan.
Thanks! =D Sounds like you have no need for this but watched my vid anyway. =D
i got a credit builder loan from my credit union. in less then a year my score went from 425 to 550 and still climbing. i pay 25 aweek come right out of my savings i dont even have to worry about missing a payment. i love it.
Excellent! Those are really helpful in building credit when you do not have credit to begin with. Automatic is even better.
FYI.... Opened an account with SelfLender. Took almost 2 months to report onto all 3 CRA's. Lowered Equifax -8 to 724, TransUnion -6 to 705 and Experian -1 to 702. I got these 3 scores via my myFICO monitoring service. I'm sure scores will go back up with time and payments so, just glad you mentioned SelfLender as a no inquiry loan option, to improve credit scoring overall.
Those few points might be due to other factors. Your score is high enough that the positive effects will not be as great as someone around the 600s. A few months in and you should notice a bit better performance.
Again, #1, I'm very glad that you made this video! As far as the scoring decrease, yes, sometimes I noticed that scores can change for "other factors." As far as the myFICO ($29.95 monthly service), you can get the score change alert and associated change factor so, I could tell what occurred. For one month, I paid also for the monitoring services from Equifax + Experian + Transunion (yes pricey to test) but, I canceled all 3 and kept myFICO for the real scores and multiple scoring models. Two days ago, I applied for the Chase Sapphire card. I was informed, "pending review" and early this morning, I see the card is now in my Chase app with a $7,500 limit (so approved). The myFICO alert just a few minutes ago informs me a new Experian inquiry, -3 points and a balance decrease on a BoA credit card by $76. I'm not close to an expert but, myFICO sends me an alert almost every 2 days with any changes. I'm not promoting the service, think it's a little pricy (pricier than the direct CRA versions) but, I like seeing what my credit related actions/inaction affect my scores. I'm sure that my credit score will improve due to SelfLender and am excited about seeing that make an increase too. I really wanted a loan to balance my "types of credit" versus just credit cards. Thank you again! My apologies for the long post however, I wanted to explain how I can see changes.
check score went up 46 points 12 days after signing up. Hasn't even showed up on my credit report yet. Thanks for the advice!
Huh, I don't think it works that fast! lol! But glad your score when up from another reason anyway. =D
hi guys....i saw this review about 2 months ago. And camed back after my credit in Credit karma said my report had changed. Thanks to self lender my credit went up 101 points!!! im...just mind blown right now. Ive never had my credit as high as that which is still low but damm its higher than ever. Thanks for helping...i look forward to seeing more videos and keep up. THANKS!!
That's some crazy jump! The average is a bit less that what you reported but it's great you got such a nice boost. Hopefully, now you can get a lower interest rate on whatever you need. Just remember to pay your credit cards in full. =D
hahahah yeah I think it was because in that same month i did this, I also reported one of the accounts as not mine....which was in fact not mine and that combined did that jump. Still thanks
Dear friend; thank you for this info, I grew up without any financial education and because that I had a very nasty experience with credit before. Five years ago I decided to go clean from credit cards and have been living like that consistently, no debt at all, but no savings either. Now as a full grown up adult I understand the need for credit score (in my country works different) but the main idea will do and I had to stop to thank you. This channel might change someone´s life for the better, I hope you are proud :)
Thanks! Glad you are able to use the info even though its in a different country. I have heard actual stories and reports in some comments (if you can find them) of greatly improved scores after going through and watching my vids. I am certainly very happy viewers found them and choose to watch my vids. =D
Amazing video man! Like always you're clear and informative. I love watching your videos because I know that I am going to learn something helpful. I really like your channel video! I would like to accomplish the same thing for myself.
I use secured credit cards to rebuild my credit. As a matter of fact I've earned over $300 in cash back with my secured credit card.
I have SUBSCRIBED to your channel so that I don't miss any of your awesome content!
Thanks for your sub! =D
Thanks for the informative content that you deliver time and time again! Hopefully in a couple of years I could duplicate some of your success.
Out of all of the people I have seen you sound the most credible and believable. Some of these people just don't say anything concrete like you do. I really appreciate what you are said here. Thank you so much I have talk to a lot of people but noone has ever given great advice. A lot of this people all they want is to make money on you and that's all. You probably are getting a cut on some of these things but heck you make sense in all of the things you said. Thank you.
Thanks! And it does work if you look at the comments from people coming back to comment after a few months.
Pls do a follow-up video on what to do at the end of the cycle when you get a lump sum check. I'm planning to go for the 550$ CD.
Also, besides the amount, how much better is it to get the $1100 CD VS the $550? Does that reflect differently on your CR? Thank you
I had never heard of self lender before I saw your video. My credit was in shambles for years, until I came across your channel. Now I have a secure credit card, and self lender will be my next step. I thought my situation hopeless, but you've shown me how easy it can be. Thank you!
Thank you for you comment! I am so glad am I able to help through my vids! =D You just have to watch out how they get you and just avoid all the pitfalls. Of course, after you build your credit up, you can also try to build your wealth. I cover a lot of various topics like that in my 'Advanced Finance' playlist.
The best advice on the web. I used his advice back in March; 478 at the time. As of today’s date, I have 689 FICO score. 🙌🏾
=D Glad you did it! That's a pretty huge jump and now you can work to make it go higher! =D
Absolutely, that’s my new goal.
I'm so thankful that I found your channel!!!❤️😀 I was never taught finances and have just stumbled about in the dark, for most of my life because of my ignorance and confusion. Thank you so very much. I am so appreciative of your time and effort in helping people like myself better their lives.
Thanks! Ahhh, looks like you are trying to improve your credit score? Yup, just follow these steps and it takes a bit of time. Many have found success in doing it themselves, you do not need any sort of credit repair services.
Thank you! I started Self Lender a few weeks ago and they stated they will report to all 3 bureaus by the end of June. I also joined a credit union and got a credit builder loan.
Yep, just keep on paying that loan to build your credit. Good going, let me know how your credit improves when it does. =D
Thank you. I currently have a Cap One Card in Collections that I owe $2122 I am going to settle for. I also have some hard inquires from the Credit Union for the loan and from my apartment I applied for. My credit score went down because I opened the loans but I am hoping once they are finished my credit score will go back up. I had Credit Karm TU 636 and EQ 628, now after the loan TU is now 584 and EQ 579.
Actually, I think if you have the money, priority should be given to paying off collections first before getting a credit builder loan. Its hard to tell what you did from your comment or if you took out the Credit Union loan to pay the collections?
I have two credit builder loans, one from self lender and one from the credit union. The Self Lender one is for a whole year, the Credit Union one is for six months. I plan on paying my Cap One card off soon but I still want to have something positive on the report as the only thing I have is that cap one things and some hard inquiries.
TheJman16165 hey my man, did the 2 loans help your credit score?
Very nice! I just got an account really fast! I can't wait to see my credit build more! I'm up 50 points in the past 3 months without trying too hard. Now with this account and another CC I will be making nice progress
Great credit score comes great responsibility. You'll have more credit limit than you know what to do with. Remember to pay everything off every month to keep things in check.
Thank you for taking the time to make this vid. I do appreciate your point that it takes money to accomplish this faster.
Yep, faster you want something the more it costs. Sorta like shipping next day air.
Good information. Thanks for sharing the information, Dan.
If you want to learn how to improve your credit score fast then visit this website here to find out how: HootCredit. info
I applied for a card, literally the only way to pay it was to spend an hour on the phone every month, they never sent me a bill in the mail and their website didn't work, it destroyed my credit in no time. I started doing Self Lender a couple months ago and I've already raised my credit score by 100 points. I would have been screwed without it
Nice! I heard about those terrible credit cards that makes it very hard for you to even pay. It was a while ago. I'm glad you go this working for you! =D
which credit card did you sign up for? that caused that... I need to know
I opened a self lender account because of this video 3 months ago I also got a $300 secured cc from open sky a few weeks ago. My score is up 94 points. This works!
Yup. Just keep on making those payments for the remainder of the term and don't pay it off early.
Wow, great video so direct no bs! Thank you so much! I have heard about this lender company. Will def, give it a try, once again thank you!
i had no credit, and credit card companies kept denying me. I went with self lender i’m 6mo in the payments and i’m almost to 700 credit score :-) thanks for the suggestion
Self lender boosted my credit 46 points in 30 days frfr and no I’m not paid to say that lol I’m overly excited and that’s just my first payment
Wow... that's a big boost first day. Glad you got a boost this way. =D
BeatTheBush thanks I was excited for days
was your credit score doing crack? high it get that high that fast?
just completely my self lender account now I'm going to put money into cd!
I'm going to try this out, helps me save money and build credit at the same time, win win. I applied to a credit card last year and their website was garbage and they never sent me a proper bill, the only way to pay it was a half an hour long phone call each month, it completely detroyed my credit
Half hour to pay!? Yeah, that site sounds like they're just trying to rip you off.
quick question, would you recommend the 550 or the 1100 to boost your score, like your if your at a 554 credit score, if paying the 550 a month has less effects on boosting your credit faster?
Thanks my credit score went up 4 points overnight, lol, Also got 2 secured credit cards today, and paid off all my debt to 0$ Hopefully within 6 monts i can comeback and tell my story. This is a great way to save and creat good credit. again TY
I'd say 4 point might just be noise. Glad you are following some of the advice in this vid though. Paying it all off to 0 is a great idea. Oh and yes, saving with the account is also a great idea. You should see your score really improve within 60 days.
I did a secure loan with my credit union when I started fixing my credit. This seems like a secured loan for people who don't have the cash to put up for the loan with their bank or credit union, correct?? I put up $1000 and my credit union gave me the loan and spread the payments of $57 over 18 months at 4%. They took the $1000 and gave me $1000 back, which i put in my account to pay the $1000 loan. The interest is less than $50 and it is also set off by the interest on the $1000. This way, I not only help my credit score, but i am also strengthening my relationship with my personal credit union for the future. That product only seems good for people who don't have any cash to put up. Very informative info, Thanks!!!
Yes, this is very similar to that and it's also called a 'credit builder loan'. For a secured loan it does require a big initial outlay so that would be the disadvantage. It seems having the initial amount to put in like you say is not feasible for most people.
3:48 "I'll still get the the highest of the highest interest rates if I ever take a loan out." Surely you meant the lowest of the lowest interest rates? ;)
you have very good videos. i have recnetly gone through this, as a junior in college (at 19) i decided it was time to establish credit. after 6 months of being denied for every card, i finally broke down and applied for a a capital one secured, only because they offered the smallest security deposit. i was making decent money for a college student and was suprised i was denied all student credit cards. anyways, after 5 months of maxing the cards $200 limit and paying it off, they froze my account. they said i payed it off too much. i told them it was worthless then and to close the account. well the next day i had a $500 credit limit! well two months after that no one would give me a card yet. until amex gave me a $1000 limit on a blue last september. in november thwy raised it to $2,000 so just last month i applied for a non secured from capital one. denied. immediately i cancelled thwir secured card. every mastercard bank had denied me for 10 months since i had the secured card. so i applied for another amex card, and was instantly approved for $2,000 credit limit. so i was up to $4,000 unsecured. then, a week later a bank thats supposedly hard to get in with gave me a card with another $2,000. so in 11 months i gained $6,000 in unsecured cards and a credit score of 720. i honestly believe when banks see a secured card on the credit report, they instantly assume your predisposed to accept only a secured card offer from them.
When you say 6 months, I sounds like you keep on applying which gets you hard inquiries. This in turns reduces your credit score and makes it harder for you to get the card you want.
'Payed it off too much' ha ha ha. I recommend to use it close to the limit in my video for College Students as well in order for them to increase your limit.
Interesting point that they check to see if you have a secured card on your record which may indicate a risky customer. I.e. you have a secured card because you had bad credit at one point. Also of note is that I think they look at your age and your address to see if you are a student and of which college university. The more respectable the school, the less risk. In other words, all that you see on your credit report and anything they can guess or infer about you is used.
Glad you are able to climb up so quickly in your credit limit. I myself did it pretty slowly starting with an unsecured discover card. I didn't really care about credit back then and just used it responsibly.
I had a $1000 secured card for a year, applied for am unsecured loan through First Interstate (same bank)was turned down! ! I withdrew the money/closed the account, added my name to my friend's card, got offers in the mail, and now have my own credit building. I agree with you about secured card. it might have helped, but once it was gone, more opportunities arose. I am leery to add this now for the same reasoning. would love to hear how it affects someone with a 700 score. I'm still trying to get my credit back. might have to go in debt for a car to get different credit. I know once you buy a house, you are home free in the credit world! I'll be there again! thanks for the info.
I did the secured card Open Sky...my scored jumped in 3wks...46 pts.,trans union. ,..103..on EQUIFAX. ..,no lie! !!!
Nice! Yes.. if you had no other card and get a secured card, it will help your credit score.
Great information, thank you for sharing!
Glad to help! =D
BeatTheBush Credit Tradelines work as well
In less than 4 days of working with ZEUSHACKERS01 at OUTLOOKDOT COM, my credit score has raised high enough to be able to qualify for a mortgage loan that I was not able to before. Besides that, he's so professional and friendly and easy to work with that it made the whole experience quite enjoyable. I have already recommended him to several people and all gave me positive replies
Hi ! I just signed up . I'm so glad I found you ! Thank you for explaining everything so clear. You are amazing !
if you could go threw the process of signing up and cover your info. I'm sure more people would take advantage of it. I'm personally hesitant to try things if i have not watch someone else
That's a good idea. I'll keep this in mind and see about doing that.
Is it frowned upon to have autopay setup up on the self lender loan with a credit card, to ensure timely payments monthly?
I don't think that's even an option because it costs the company money to process a credit card.
man, that's an awesome video, not too long ago I started watching your videos they are all A+ I'll sure be checking out that lender.
U don’t have to go to Selflender. U can go to any bank and get this. The real name of this product is called a CD secured loan. I did this as well to build my credit.
Yup. You can do this at banks too. SelfLender lets you just do it all at home. Also, these things will work in parallel so you can do both.
When I first started out I had a 559 credit score then it dropped HORRIBLY because of missed payments and such, I got two inquiries removed off my credit of the last 4 years and made early payments and now my score is 568, I'm trying to get it to 600 by September. I'm also paying off my current credit card
Yes USAA has a secured card and they keep your security in a CD until at some point you get a normal card. It also pays interest, not a bad deal.
Nice! That's a very nice gesture.
Thanks for sharing. I tried to create an account with Self Lender however they are not available in my state (NY.) Do you have similar 'self lending' solution for me?
I'm not aware of any state restrictions as you only need to be a US Citizen or Permanent resident to qualify. Are they giving you a prompt saying you are not qualified? Of course, alternative credit builder loans could be had through local credit unions as well. That would require you to find some local ones and check if they have such things before opening up an account.
Yes, it said they currently do not offer their services in certain states. One including NY.
Signed up June 6 with a 563 CS. Will give updates during the process
Very nice, I'm sure you'll be very pleased with it after a few months. =D
Should I apply for a discover secure card now or wait. Till my score goes up to see if I can get an unsecured one?
how is your credit going?
i wonder why nobody ever responds on their updates lol
@@elyshanicole577 jumped 40 points in 5 months. now I have an American Express everyday blue and Chase Freedom unlimited
I recently just come across your video and I plan to look into this over weekend, at this time my credit is 558 and I need it at 650 I think this is reasonable so I will speak with my credit union regarding secure credit card and credit builder loan. I feel very positive at this because I want to buy a house sometimes in the next year in a half so I am all in !!!!! I will keep you posted !!!!! Oh with some cutting out couple Starbucks during week I can save that money and pay to lender so very feasible.
the concept is amazing
=D
so if I have the money to purchase 2 CDs would that be advisable and also will that seem as if I have 2 loans at 1100.00, to give me a better increase of points?
Hmm, I actually haven't thought much about this. I have asked Self Lender and will get back to you.
They actually do not have a process for you to do two at a time so there is no data on what would happen.
BeatTheBush is self lender better than secured credit card?
These are great videos! I'm having a marathon! Thanks😊
You're welcome!
I have 5 questions
1. Ultimately which one is better the secured credit card or the secured loan?
2. I went ahead and did a secured loan with my bank for$200 and it's for 6 months. Should I pay off the loan in 6 months or does it look better to pay it off faster say in 3 months?
3. On my credit karma app I checked and it says the bank that I did the loan with made a hard inquiry. Should I be worried? Will it go away once I pay off the loan?
4. Is it better to pay off the monthly loan bill early before the due date? And pay a bit more than what the agreement says?
5. I am planning on buying a car and would probably finance. Should I wait until after I pay the loan? Or can I do both at the same time?
1. depends on your credit report and it's composition
2. pay it off slowly, you want the long history
3. no it will fall off after 2 years. a few inquiries is not the end
4. pay off more to reduce the interest paid, reduced credit utilization helps your credit score.
5. don't finance a car. you can certainly do both if your credit score is good enough to get you a low rate.
the only difference in what you pay wether its 25 48 97 or 197 is the interest rates it builds is that a correct statement
Love your videos keep up the good work
Thanks! Will do. =D
Thank you! This helped me understand what Self Lender is about now :)
You're welcome!
I started my Self Lender account two months ago and one of my scores just went up by 82 points!
Ha ha! Nice!
Great video! Subscribed!
Thank you! Yay!
Does closing the CD Account (after you withdraw the money post maturity of 12 months) affect the Credit Score? Thanks in advance.
+Ashwin Lunkad You do not have direct access to the CD account and the account is closed automatically for you after the 12 months. So at the completion of the self lending term you would have fulfilled you obligations and so it is a positive effect on your score. You can go for extra credit after this and do another term but the improvement effects will be a bit less than the first time around.
I just sign up for self-lender and I have a secure credit card my score is around 630. I'm trying to get a 700+ by March to buy a home any other suggestions.
Yes. In that short a time frame, it might be hard to increase your limit much. But try this video: ruclips.net/video/attQKzngqoE/видео.html
You might also want to 'boost' your score right before buying your home. More info here: ruclips.net/video/LyBjciz4-zg/видео.html
THANKS for producing this video. How to get a FULL credit report? Or direct me to a video you produced showing how without hurting my credit. Thanks
It's at the beginning of this video: ruclips.net/video/qmDWuskNZaQ/видео.html As a bonus, you also get to learn how to repair your own credit. =D
BeatTheBush THANKS FRIEND 😜
Very useful and helpful, thx for sharing
You're welcome!
Thanks for this info. I signed up with SL today. I will post an update in a few months.
When you make consistent payments, it's like you are making payments on a loan so you'll see the full effect after a full year of payments.
I am excited to see the benefits of the loan this time next year.
update please!
benjamin Vargas I think the people who sign up are kidnapped. Look at all the people saying they signed up and all the people asking for updates!!!!
LOL seriously. I keep looking for replies to the update questions. No one answers which makes me suspicious that they are too embarassed to answer that it might not work
I just open one today using your link! Thanks for the tip
Thanks for helping yourself and also this channel! =D Much appreciated. =D
I just open an account today. Thank you
You're welcome. You should see some improvements within 60 days. Great improvements if you are starting from a low score.
Any approvements?
How'd it go?
Great info..i'm happy to subcribe to your channel.
Thanks for subbing! Making new vids all the time! =D
Would it be better to have an auto payment to the loan using an existing secured card?
Then the next billing cycle, transfer money from your saving to the secured card to cover the earlier payment. This way you get two on time payments for the same $97 per month.
I don't think you can do that. You can only pay with a checking account because charging on a credit card cost the receiver money.
I've had self lender for 3 months no real increase. I was expecting a big jump of 20-30 just in the first couple of months
Have you don't anything else that would offset the increase from SelfLender? Applying to more cards or perhaps having higher utilization ratio?
Your advice is really helping my credit. Quick question. So I now pay down too two dollars before statement cycle. How many days after that should I wait to resume using cards? Should I wait till after the due date? How many days? Thanks in advance
Pay down to $2.01 before statement date not $2.00. You wait until the statement cycle ends. You can start using it the day after the statement cycle ends.
Also Self-Lender charges a convenience fee of $2.99 for using a debit card to make the payment
Yeah... don't do that. Only use ACH for that. Many financial institutions that receive payment does not like payment with card since they have to pay a processing fee.
Thanks for this video man.
You're welcome! =D
Thank you soooo much for this info😭!
You're welcome!
Great info thanks!!
@beatthebush I just so happened to bump into your channel and love that you explain things thoroughly! I never had a role model and was very immature so when I was making a lot of money I would spend on so many unnecessary things, I eventually got caught up in a expensive hobby/money pit which as you can see in my profile picture a RACE CAR. Due to horrible decisions and eventually even huge change of income I fell hard. And just this past year I started to get things back in order, my goal ATM is to improve my credit, I'm at around 5xx do you recommend self lender? What's your opinion on Lexington Law to help with the negative inquiries? I want to improve my credit to be able to get a house. I will keep supporting and watching your videos.
Great information! If you don’t mind me asking, how old were you and how long was your credit age when you achieved an 848 score? I ask because I currently am 35 years old with 5 years of credit age and want to know if there’s hope for folks who have a credit score that high without their credit age being super high.
I had a question of credit utilization . I always been reminded of keeping the credit utilization under 30% is best . But what is the actual best percentage 20%?.
Ignore this 30% rule. I have no idea who made that up and it's confusing the heck out of everyone. It's great as a rule of thumb but not the best for everyone. In reality, 0% utilization is much better. More info here: ruclips.net/video/LyBjciz4-zg/видео.html And then if you have a low credit limit, I actually recommend 100% utilization because this forces a limit increase quicker. More info here: ruclips.net/video/attQKzngqoE/видео.html
So having a 100% credit utilization won't hurt credit score ?. I heard from someone under 30 is good . I think I messed up my credit limit is high and utiliazation is also high but credit score is low
I have a Cap 1 card with a 200 limit every month I max the card out but I make sure to have the balance paid in full before my statement end date not the due date for the minimum payment.....I do that in order to get all the points added to my score....now on the the other hand I could just max it out and let the high balance report to the credit bureaus which will then lower my score but nudge the CCCS that hey she must need more credit....I also have Self Lender as well..
Love your channel, BTB. Could you do a video on credit unions? Have you thought of doing more videos on investing?
Kind of late to this party, but would there be any benefit to getting a secured credit card first and using that to make the payments on the SelfLender loan? Instead of paying the money directly to SelfLender, funnel it through the secured card. I mean, if I'm going to spend the money anyway, might as well make it work twice as hard, right?
I just got an idea from this video... open a secure card to pay self lender and pay my credit card on time. That way i won’t have two different uses.
Self Lender requires to be paid via a checking account.
I've watched your videos before, and believe you definitely know your credit. In other words, your accumulated opportunity cost-of-capital mathematically can be represented as 12 (1.001) + 97 * S-angle-12 at 0.000083 ~= 1176.55. Thus (given a few assumptions), the NFV is 1101.10 - 1176.55 ~= -75.45. That is, you end up forgoing $75.45 in the long-run. So the question is to ask yourself: am I willing to spend $75.45 so that I can potentially raise my credit score? (A way to answer this question is to measure your expectation; namely, how much, maybe, will your credit score increase.)
Correct, there is a cost to use this in the form of a fixed initial fee and an interest you do not get back. It hard to say how much one is willing to pay for the increase since it depends on your current score and what you plan to do with it. It can be though of as a 'rush' fee where you are rushing to get it higher. If buying a home or car, those points could be critical and end up saving thousands in interest rate reductions.
Great information thank you 👌
You're welcome!
I just opened a Self-Lender account using your referral code. Thanks so much!!!
Thanks for using the referral! =D I appreciate it. =D
Very Interesting information.
Thanks much. Glad you found my finance vids!
My score is at 577, I need it to be at 620 to get a VA Home Loan. How long would it takes to get thoses 43 points that I need? I don't have no credit cards open
When building credit is it wise to cancel credit cards before the annual fee is charged? Also, is canceling the card the same as canceling the card account? Which, to my understanding, canceling a card account can negatively affect credit history.
When building credit, you should not cancel before the annual fee is charged. You should instead avoid getting an annual fee card in general so you wont be paying all the time. I don't see a difference between cancelling the card and the account, its the same thing. You could potentially have two cards with the same company but you normally just refer to a specific card when cancelling. Cancelling a card does negatively affect your credit score but do a differing degree depending on how strong the rest of your credit history is. Hope that helps. =D
Is there any benefit to your credit for choosing the more expensive loan option or is it just a higher interest CD?
Can you get one more than once if you arent ready for a credit card (to show there's a credit history) or are they only meant to be used once?
You can get one after another but you are not supposed to open more than one at a time.
Thank you, for the info, BTB!!!
You're welcome! =D
hey dude I have a question for you. for the past year I have been trying to increase my credit score from 523 and I managed to get to 653 within 6 months. for some reason now my score won't increase its stuck at 653 I never miss my payment. So my question is what can I do to get 720 which is considered good range.i need to apply for more credit. I currently only have one card with 500 limit and my student loan of 10000. Any advice on how to get a credit card with my score of 653? and how to increase my credit also. please help. thank you I appreciate it alot.
One card with only a $500 limit will get you stuck there. You really need to have more cards and more types of credit. Have you applied for more cards such as a Discover? Have you applied already but got rejected? To address the types of credit, you can just do the Self Lender credit builder loan as well. If you spend say 200/month on that card and pay it off every month, you will be creating a running balance have have a high utilization rate compared to your credit limit. Have you asked for a credit limit increase?
Thanks for getting back to me. Yeah I have asked for an increased with capital one and they said I don't have the for a year yet for them to do the increase. I'm from Canada and I don't know if discover card Canadians can get.... It might just be American. I have applied for a card when my credit score was lower than what I have and I got rejected. I don't want to do many hard inquiries in short time. I just recently got hit with 3 hard inquiries because I applied for a car loan. Do you know any card Canadians can apply?
Samiya Bilan Not too familiar with Canadian cards since I do not live there. You may want to look for credit builder loans to help. Other than that, time is what makes your score better since building a good score takes many many years.
+BeatTheBush ok thanks I appreciate it for help and time.
=D you're welcome.
just wanted to correct you , interest earn in a CD is APY Annual percentage yield not APR
Lol, okay. APR is the rate at which interest accrues while the APY or yield is the effective percentage you get after all the compounding.
Great advice thank u
Is it better to do $97 vs the 48.50?? I understand the difference in savings but in reference of credit? Points go up the same with either right?
From what I can tell, there's only a small difference.
BeatTheBush so you would recommend the $97 if of course you can manage it right?
I would pay off debts first before going this route. Of course, if you have the funds, you can pay it all off and easily do this credit builder loan as well.
mcquaigem I jus was thinking the same question self lender has 3 different loan 48 97 in I think 200 I feel the more money u paying on the loan should boost your credit a little higher
So if its accurate items on my credit report, should I pay it or just dispute it
By principal, I will just pay it. I only dispute items that I know are inaccurate.
If I have a Discover IT secured card and Capital One secured card, with about a 665 credit score, would you recommend me still opening up a Self Lender loan? Thanks for all the helpful videos as always.
I rebuilt mine using a Capital One secured card.
That method is orthogonal to this. I.e they improve your score in different ways. Hence you can actually do both to improve your score faster.
Hi so I tried Self Lender and I wasn't approved or qualified for any of said credit cards. Do you know of any other possible websites I could go to try to apply for? Thanks in advance!
Got 2 minutes in till music got to me next !
might want to double check how you worded your presentation at 3:40 - 3:60
lol... its its its its its its.... talking in front of the camera is hard!
Ok, what is your advice to people that have filed for chapter 7. Already have a mortage and no interest in getting a car. But still want to rebuild their credit.
That is going to stay on your report for a long time so just stay put and wait until that mark falls off your credit.
very helpful! 👍
Thanks!
nice vid thanks! what camera are you useing?
You're welcome. I'm using a Canon 5D3. All my equipment is listed under my channel about page.
Hmm paying $75 for an increase in my credit score rebuild doesn't seem financially wise. How about opening your own money market/ trading account and or a simple Traditional IRA if not both? I'd be willing to bet that those options (which are free) will help more and not cost you a dime.
I wouldn't say it's financially unwise because it depends on your situation. If you want things fast and if it'll end up saving you more than that from the decrease in interest rate then it is wise. Now, you could do it all the same with the slow method of just being financially responsible and pay your bills on time for many years.
Credit rating agencies don't care about how wise you are with your savings accounts or investments. They care about payments to lenders, and that's what gets reported to credit rating agencies.
This kind of service is for those in the catch-22 situation where they need a loan to increase their low credit score, but can't get a loan because of their low credit score.
Good imput Bird. I guess I should've clarified that I just meant that the IRA's/ trading accounts are a bit of an insurance policy to the lenders as an asset is collateral.
Yep, what Bird said. Lenders look at your FICO and FICO doesn't factor in you assets accounts.
Thanks for Sharing you know your stuff.
well, I have a very crappy score of 414.
How can I pull myself out of that?
Start with paying your cards on time. Pay off all credit card debts. If you do not even have a card yet get a secured card. If you have enough money to do the Self Lender loan, do that as well.
Jesus! 414?
Pinstripe Entertainment how are you now?
i am in the process fixing my credit i am getting a secured credit card next week also i bought a car 4 months ago currently making payments on my car loan on time every month
do you think this is a good option for me to build my credit or i dont need this loan because i already have my car loan please answer
It depends if you can comfortably afford the payments. You generally do not want to stretch yourself too thin and have enough extra cash for buffer every month. Having multiple types of loan (not just a single car loan) helps your credit so doing this will help it in addition to what you are doing.
thank you so much for getting back to me soon this is only about 1000$ game which i can just put it on the saving before i start so its not gonna be a stretch to my wallet
real question is am i gonna be doing too much thing to my credit at once
anyway you are so helpful i will make sure to go back and check out all of your other videos thanks
The scoring system takes all these factors into account all at once. The only limiting factor is your ability to keep it all straight and make on time payments. So it's really if you can juggle these items without it feeling burdensome. And btw, the Self Lender loan does cost money (I think it was ~$75 after you finish the loan and get the self loan paid back to you) as I mentioned in the video but it's a cost for people what wants their score to get better in a hurry. If you have lots of time, you can just use your credit responsibly for many years like I did to get a high score.
Congratulations to everyone and thanks for the information. However, that's strange though?
I tried this previously about a year ago and customer service basically said I needed credit? ( that I needed to get on file with Experian?) in other words, *NEED CREDIT*
Tried again a few minutes ago to sign up but, the site states that *I can't be authenticated online which is the same exact thing that happened last year! and I don't owe with ChexSystem or anything!
They are a JOKE in my opinion and should be sued for FALSE ADVERTISING!
They do not do a credit check but I was not aware but maybe they do a check system check to make sure you do not normally bounce checks?