Credit Building
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At LFS Credit, we recommend these top credit monitoring and credit builder accounts to assist you on your credit restoration journey.
Identity iq
$27.99
WHY THIS SERVICE:
Your credit scores can help determine if you qualify for a loan and what interest rates you receive. Actively monitoring your credit allows you to stay on top of changes to your credit report, including possible suspicious activity. Be confident by knowing your FICO® Scores – the scores used by 90% of top lenders.* Identity IQ allows you to see your tri-merged credit report from all credit bureaus to ensure all information is reporting accurately.
WHAT’S INCLUDED:
Credit Reports and FICO® Scores
Daily Monitoring & Alerts
Dark Web & Internet Monitoring
$1 Million Identity Theft Insurance*
ava financial
varies
WHY THIS SERVICE:
Ava offers a great way to build credit using either an installment loan or a credit card. With no credit checks, no deposits, and no interest charges, Ava is designed to help you improve your credit score through timely payments, promoting responsible credit usage. It is one of the best credit-building tools available today.
WHAT’S INCLUDED:
Allows you to build credit with installment loan
Allows you to build credit with a credit card (no deposit required)
No credit checks
No interest is charged on their installment loans or credit cards
Boom Pay
$3/ monthly
WHY THIS SERVICE:
Boom Pay helps you build your credit by reporting your rental payments to all three credit bureaus for just $3 a month. Additionally, you can add up to 24 months of past payment history to your credit report for a one-time fee of $25.
WHAT’S INCLUDED:
Reports your rental history to all 3 credit bureaus
Doesn’t require your landlord’s involvement
Only reports positive payments
Continues reporting even when you move
Self Lender
$25/ monthly
WHY THIS SERVICE:
Self Lender provides credit-builder accounts designed for individuals with little or no credit to help them establish a positive payment history. You can choose from four monthly payment options: $25, $35, $48, or $150, and select a loan term of either 12 or 24 months. Self Lender places your money in a certificate of deposit (CD), which you receive back in full upon completing the loan. On average, customers experience a 49-point increase in their credit score.
WHAT’S INCLUDED:
Reports your rental history to all 3 credit bureaus
No Hard Pulls
Automated payments to make sure you report positive payment history
Cancel at anytime
Credit Builder secured credit card
varies
WHY THIS SERVICE:
The Credit Builder Card is a secured credit card offering some of the best terms available. Depending on your state, it matches you with a secured credit card requiring a low $200 security deposit and featuring a lower interest rate compared to other secured cards. Reporting begins within a week of approval, helping to improve your credit score more quickly. With an easy application process, quick approval, and no hard inquiries, it's an excellent choice for building credit.
WHAT’S INCLUDED:
Reports your rental history to all 3 credit bureaus
No Hard Pulls
Reports within a week of approval
EXPERIENCE THE LUXURIANT WAY
Are you ready to take control of your financial future? Sign up for credit restoration with LFS Credit and experience the benefits of a professional, hands-off approach to improving your credit score. Our team of experts will handle all the disputes on your behalf, leveraging Consumer and FCRA laws to ensure the best possible outcomes.
Not only will we work diligently to restore your credit, but we'll also provide you with the knowledge and tools to maintain and build your credit long-term. Most clients see significant improvements within the first 45 days, making LFS Credit the reliable and efficient choice for your credit restoration needs. Take the first step toward financial freedom and enroll with LFS Credit today.
FAQs
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Credit-building accounts are financial tools designed to help individuals establish or improve their credit scores. Here are some common types of credit-building accounts:
1. Credit Builder Loans:
o These are small loans specifically designed to help build credit. The borrowed amount is held in a secured account while you make payments. Once the loan is fully paid off, the money is released to you. Your on-time payments are reported to credit bureaus, helping to improve your credit score.
2. Secured Credit Cards:
o These require a security deposit that serves as your credit limit. They work like regular credit cards, and your payment activity is reported to credit bureaus. Responsible use and timely payments help build a positive credit history.
3. Credit Builder Credit Cards:
o Similar to secured credit cards, these are specifically designed for individuals with little or no credit history. They often come with lower credit limits and higher interest rates but report to all three major credit bureaus.
4. Authorized User Status:
o Becoming an authorized user on someone else's credit card can help build your credit if the primary cardholder has good credit habits. The account's payment history and credit utilization will be reported on your credit report.
5. Rent Reporting Services:
o These services report your monthly rent payments to credit bureaus. Since rent payments are typically one of the largest monthly expenses, having them reported can significantly impact your credit score.
6. Secured Personal Loans:
o These are similar to credit builder loans but might be offered by different types of financial institutions. They require collateral and help build credit through regular, on-time payments.
7. Credit Builder Savings Accounts:
o Some financial institutions offer savings accounts that report your activity to the credit bureaus. Consistently depositing money and managing the account responsibly can help build credit.
Using these accounts responsibly by making on-time payments and keeping balances low can help you establish a positive credit history and improve your credit score over time.