I moved to the US as a teenager without financial education and never knew about credit scores. I also never planned on living here beyond my college. After finishing college, I couldn’t find any company to provide me with credit cards because I didn’t have a history, lol
A few years ago, I wanted to purchase my first condo- but I realized my credit score needed to be high to buy at a reasonable rate. I got to work and build my score.
If you’re struggling with credit issues, you’re not alone, and it’s not the end of the world either. I will give you some tips and tricks to build your score fast.
Chime Credit Builder card: I love chime; it works everywhere and has never given me any issues. The credit builder card reports your payments to all major credit bureaus.
You transfer money into your credit builder, which works like a secured credit card line. Chime is great, you guys- it really helps!
Another way to build your credit score is through a credit builder loan. One option for this type of loan is Self.
Self is a company that offers credit builder loans to help people build or rebuild their credit scores. The way it works is that you’ll take out a loan with Self, and the money will be placed in a CD (certificate of deposit) account. You’ll pay the loan monthly, which will be reported to the major credit bureaus. Once you’ve paid off the loan, you can access the money in the CD account. Self works, but it takes time.. payments can be as low as $25/ month.
Lastly, sign up with Experian and boost your score by identifying your bills.
With the three above options, you can increase your score by 100 pts in 3 months. Remember to always make your payments on time, keep your credit utilization low, and monitor your credit score regularly to track your progress.
Good luck! You’ve got this 🙂
