blog image

Credit Building - others

April 30, 20232 min read

When you are building your credit, it is important to know what will work for your specific situation. For a more personalized experience, please feel free to contact us for a free consultation. Below are some additional ways you can build credit, please feel free to click any links or reach out if you have questions!

Secured loans - For those who have a relationship with a credit union, taking out a secured loan is often a great way to build installment credit. This is especially helpful if you do not currently have a car note or mortgage. They are sometimes called by different names (like a Pledge Loan), but they serve the same purpose. You will put up money as collateral. They give you a loan. As you repay the loan, the money put up as collateral is put back into your account. If you have $1000 or more, this is a great way to build your credit and the great news is, you won't be without the money, you put in $1000, and they give you a $1000 loan!

Authorized user - If you know someone who has a credit card in good standing with a low balance, they can add you on as an authorized user. They do no have to give you access to their account or a card, so it does not impact their credit at all. You get their credit history and revolving credit, so your score increases. This is often used with teens to get their credit started.

Kikoff - We love Kikoff for helping clients build revolving credit quickly. It reports as a $500 revolving credit line with a very low balance. It costs $2 per month and can be put on autodraft.

Kikoff

Self - Self is a great way to build both installment and revolving credit. You make payments monthly (as low as $35-$45) and it is put into a savings account. After 3 months, that money can be transferred to a credit card to build revolving credit.

Self

Back to Blog

940-636-1950

©2020-23 by The Credit Couple.