Rebuilding Credit

Here we are going to talk about rebuilding tools if you do not have a high enough score to qualify for unsecured credit.

Secured Card

Most secured credit cards work by securing a deposit that is equal to the credit limit. If you want a $500 credit limit, for example, you’ll need to put down a $500 deposit. These cards work because they report to the three credit reporting agencies so you build your credit slowly over time.

Credit Builder Loans

Credit Builder or Self Lender Loans are an installment loan that is meant to increase your credit score. Credit Unions offer these loans and they are typically for terms of 6 to 18 months. The beauty is these loan payments you make go into a savings account in your name. So you are both saving money and building credit.