Credit Building Programs:
Get started on your journey to financial independence. What is credit and why does it matter? In the simplest terms is the score assigned to your payment/debt history and will affect your ability to get credit cards and loans.
7/1/20231 min read
This Experian blog post explains it in more detail: What is Credit?
Credit Karma: This a great free resource to track your debt and get tips on what to do. It has a lot to offer. *File your Federal and State taxes for free here!!!!
Chime Credit Builder – Chime has a credit-building account you can apply for after you have opened a Chime Checking account. ” Credit Builder is a secured credit card. The money you move into Credit Builder’s secured account is the amount you can spend on the card. Unlike other secured credit cards, that money can be used to pay off your monthly balances.” Pros: No fees or interest
(Rakuten.com {referral link} offers a $50 payment for setting up a direct deposit, see site for details) Cons: spending limit is set by how much you deposit into the credit building account.
Self, Inc – The way Self’s credit builder works is you pay a set amount each month for 12 or 24 months after which you get what you have paid back (minus some fees). They break it all down for you on their website. So you get to save money and build payment history at the same time. Pros: You can cancel at anytime. Cons: Fees
SeedFi – SeedFi partners with CreditKarma but you can also cut out the middleman and apply right on their website. SeedFi deposits a set amount into a savings account on your behalf and you pay them back for that deposit (this builds payment history), after you have saved $500 you have access to those funds. Pros: No fees Cons: ?
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