Credit-builder loans are an increasingly popular product, and the competition for market share is fierce, but there are significant discrepancies between even the top contenders. We studied two of the most popular credit-builder lenders on the market today; Credit Strong and Self (formerly Self Lender), and put them head to head. Here’s how they compare.
There are a lot of credit builder loans on the market, so we had to do a lot of research to stack Credit Strong against its competitors. Our verdict: Credit Strong has the best credit-builder loan on the market today. Their accounts either match or outclass the competition in just about every meaningful way. They’re also
Your credit reports are directly tied to your Social Security number (SSN). When applying for new credit (i.e., a credit card), your credit profile is checked using your SSN. A CPN scam is a type of synthetic identity fraud where you use a SSN that has not been assigned to you by the Social Security
Becoming an authorized user on someone else’s credit card can be a completely legitimate way to build credit. If a family member or close friend offers you the option of being added as an authorized user to their credit card account, then feel free to take them up on it. But, if someone is offering
Credit tradelines, and the information contained in them, are what make up your credit history. These tradelines can include credit cards, auto loans, home loans or student loans. Scoring models take the information from these tradelines to calculate your credit score. Lenders not only look to see if you meet their minimum credit score requirements,
Our verdict: Experian BOOST™ is worth it if you have bad credit or a thin credit profile. It’s free and quick, and the average user sees a 13 credit score point boost. Try Experian If you are looking to improve your credit, you may have stumbled across Experian BOOST™ and their memorable purple cow ads.
Look out, Credit Sesame now offers more than just free credit scores and credit report information. They have a new credit building account called Sesame Cash that works like a debit card and reports like a secured credit card. The debit card aspect allows you to save money by avoiding credit card debt. And the
Our Verdict Rental Kharma is a rent reporting service that allows you to customize your package to your needs. If you live alone and you’ve only been renting for a few months, then there is no need to pay for services you don’t need. But if you do want to add renters or additional payment
Our Verdict RentReporters is a well-established company that helps people build credit by reporting their rent payments to the credit bureaus. Their services are on the pricier side, but they do provide a lot of benefits which include free credit reports, credit experts, and more. They also offer a discount if you pay the monthly