Not sure I would go for that creditstrong deal. I don't need one of these anyway, so this does not affect me. But they are charging you 304 bucks for the one that saves 2000. I know SelfLender has fees too, but don't think they are that high.
Yeh I was wrong it’s 304 plus the 8.95 fee. Multiply 24 x 96 = 2304 for 2k back plus what ever little interest they pay.
@Medic981 wrote:
@Anonymous wrote:
@Stugotsv10 wrote:guess on that note my other question would be...
Does the amount of "Closed / paid off" loans on your report help? for example if one were to pay off a self lender account an open another one (I would imagine they would not care they make the $30 every time lol) so it would show 1 closed / perfect payment history and one open with perfect payment history.
Fico does in fact factor closed accounts in right? and with no credit check / inquiry this could in theory work right?
You are allowed to open a second Self-Lender account without a credit check. Fico factors both open and closed accounts in your AAoA.
Ultimately, what a person needs to improve their FICO scores and build credit are three open credit cards (secured or unsecured) in good standing and one open installment loan in good standing such as a car, home, student, personal, share secured, or credit building loan. This combination is what the myFICO score theorists here have determined is what you need for optimal credit building and FICO score. You can have more CCs and more installment loans, however, this will not increase your FICO scores.
Next, (this is only important if you are attempting to purchase a large ticket item like a home or car) is paying in full all of the credit card balances each month, before the posting date, except one. This is called the All Zero Except One (AZEO) method. The one credit card you allow to post a balance needs to be less than 8.9% of the credit limit of the card. So using one card each month to buy lunch, letting it report and then paying in full will maximize FICO scoring. Keeping your utilization of your cards below 28.9% both individually and collectively will prevent you from incurring a FICO scoring penalty.
An installment loan will have its greatest impact on your FICO score when the amount owed is at 8.9% or less of the original amount owed which is usually in the final months before the loan is paid in full. If you don't have an installment loan you can check into Self Lender or a Share Secured Loan at a Credit Union.
Keep in mind, building credit is a marathon, not a sprint. It involves demonstrating to a potential creditor that you can handle credit responsibly. If you have open, active credit accounts that are being paid on time and pay all of your bills on time every time, apply for credit only when you actually need it and use credit cards sparingly maintaining low credit utilization, then you’re going to earn and maintain great credit scores. It would be impossible for you not to do so. This is the fastest way you can build good, solid credit.
It looks like you have had 2 selfLenders