Establishing Credit Fast
As a a college student, I often wondered how to establish credit fast and get approved for things when I have no credit history. At that time, I did not see too many options available to me. I knew about secured cards but you have to fund those yourself with at least $200, and I was broke! No one seemed to know how to establish credit fast and in way that I could afford.
Establish Credit History
Self is great for people who have no credit history or have poor credit.
Loan yourself money, pay yourself back, then watch your credit score rise!
In the dawn of mobile banking and peer to peer money transfers, comes a new way to get a loan, pay it back, and establish credit history if you don’t already have any! All thanks to a new company called Self, Inc.
How Does Self Work?
Self, formerly known as Self Lender, is a loan company that allows you to “pay yourself” in the form of a loan. The loan is stored in a security deposit account which will gain interest for 2 years. Monthly payments of $25 are reported to all three major credit bureaus and after 2 years, the security deposit is unlocked and the funds are yours. Plus you now have established credit history and you can tell all your friends how to establish credit fast!
How To Increase Credit Score
Even if you just want to improve your credit score, Self customers have reported an increase on average of 25 points after using the service. Wheter you are new to borrowing and want to establish credit fast, or if you have not so good credit and want to increase your credit score, Self is a right for you!
In addition to your Self loan, after you have made at least 3 on time payments of $25 or more, Self Inc will offer you a secured credit card, increasing your credit growing opportunity even more.
Keep in mind that although you’re technically loaning to yourself, you still must make all payments on time or it will hurt the credit you are trying to build.
You have the option of paying anywhere from $25 per month or up to $150 per month. The choice is yours! Paying more per month will NOT grow your credit faster or give you more credit points, so it is recommended that you select the lowest amount of $25.
Apply for a Self Loan Here and start building your credit history today!
If you liked this article on how to establish credit fast, you may want to check out “The Blackprint to Wealth” as well!