Facts And Falsities About Fixing Your Credit

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Study first, sign up later

Humphrey cannot emphasize the importance of understanding credit cards – and credit in general – before signing up for anything. “Self’s website is big on credit education and financial literacy. You can learn about what card to start with, or what your next card should be,” she says. Self Financial can also help you get your first card, without a hard inquiry on your credit report (which can harm it). They do this by first having users set up an account for a Self Credit Builder Account. This is an installment loan, on which users make regular payments while earning money because the account earns interest. They establish good payment history through the account, which is reported to all the credit bureaus, and then, they can qualify for the Self Visa Card. Essentially, the Credit Builder Account lets someone build credit history while saving money – rather than just spending it.