Best Credit Boosters
Jul 27, 2023
Good credit, bad credit, no credit, no problem. We’ve all heard of this phrase, but until we became conscious of what credit actually was, did it become essential? For some, by the time we were old enough to understand that having a good credit score meant the ability to purchase a car, house, or get approved for pretty much anything; our credit score may have already taken a nosedive.
Fear not, if you are among the many whose FICO score is in the dreaded gray area (600 or below), there are plenty of new programs available to assist with getting that score in the fair and good zone (580 or higher.)
Below is a list of our favorite credit building services and programs. Some of our members have seen score increases of 40 or more points by just adding one of these accounts! Check them out below.
6. Credit Builder Card
There is no credit score requirement to apply for this secured credit card. Simply make a $200 deposit to open your account and receive your card in the mail within two weeks. This deposit will serve as your total credit limit. The idea is to build your credit by making purchases and paying them off on time to boost your score with all three bureaus. If you apply online, Credit Builder Card will waive all processing fees. Most applicants with at least at 480 or better credit score are approved on the first try and receives an instant boost when this account lands on their credit report.
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5. Self
If you need a secured loan option, try Self. It is a built in savings account and credit booster. Self qualifies you for a monthly installment loan that puts the payments in a locked savings account until the program ends.
The terms can be either 12 or 24 months, and there are four loan amounts to choose from, $525, $545, $1,000, or $1,700, and payments are $25-150 each month. It reports your payment history to all three credit bureaus to increase your score each month while returning a portion of your payment back to your savings account. There is no credit score requirement and most applicants are approved in minutes.
A portion of each payment you make is sent back to you in a secured savings account. The savings account is in your name and insured by the FDIC. When the loan is paid in full, the money is yours to withdraw with all earned interest included!
4. Smart Credit
Not a credit card but definitely the best credit monitoring service to help you get to a 700 credit score. The interface is a user-friendly tool to help monitor your credit journey. Smart credit is an app with built in credit and money management tools to make understanding, accessing, and making changes to your credit history simple. Users can flip through this streamlined app to check for monthly score updates, receive all contact info from each credit bureau or creditor, and receive one free 3-Bureau credit report each month. This feature makes it easy to compare errors from all 3 bureaus.
What we like most is that it allows people to test it out for a week first with a $1 trial.
3. MyScoreIQ
This is another financial tool to help monitor your credit score ups and downs based on any changes made to your account like new inquiries or new collection companies reporting to your credit file. It is known as a credit score simulator, which can help you be prepared for upcoming big purchases such as a mortgage or auto loan. You can start by getting all 3 reports from each major credit bureau for only one dollar!
Learn More2. Rent Reporters
Are you currently paying rent and make all of your payments on time? Companies like RentReporters enables renters to leverage their on-time rental payments to boost their credit scores.
By collaborating with all 3 major credit bureaus, RentReporters ensures that responsible rent payments are reflected in renters' credit reports. RentReporters report anywhere from 12-24 months worth of on time payments directly to the bureaus so if your recent payment history has any hiccups, this could instantly improve your score!
Users can sign up, connect their rent information securely, and have RentReporters report their on-time rent payments to the credit bureaus within 10-14 days. Applying for an account does not impact your credit score and you can be approved in minutes!
Best Overall:
1. Milestone Card
The Milestone Mastercard was voted Best Overall Credit Builder mainly because you can get approved without having to pay a security deposit! Customers enjoy a whopping 95% approval success rate with no hard inquiry meaning you can apply for the card without it hurting your score.
The Milestone Card works just like a standard credit card allowing you to use it anywhere you would use a standard debit or credit card. Most customers see 35-45 point score increases after the first month of being reported on their credit file. See if you pre-qualify below!
BONUS
Experian Boost
This credit booster program allows consumers to include basic monthly bills such as utilities, phone bills, and even Netflix payments to build a positive payment history to increase credit scores. BONUS: Only on-time payments to these bills will count towards history; late payments will not affect score at all. Start for absolutely free.
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