@@MoneyMelJr They report as on time payments. Depending the credit builder card, loan, savings account. They will report a credit limit. For example credit ai. Is a credit builder card(secured). Connect to your bank account like chime but better. Reports $1500 line and you make purchases. I have seedfi, self, loqbox, love others as well that are loan/savings accounts. Report payments boost your credit score. I don't work for any of these companies. I just started in like January really a couple in December. Next 2 months I'll be 700.
@@kkent4174 They don't provide any credit history. They only increase your total Credit limit and some of them do credit checks. This is not a good strategy in the long run.
@@MoneyMelJr what are you talking about? They all report LOOOOLZ. What? Good luck to you bro. I'm gucci they got me nice loooolz. Oh and none of the ones I mentioned do credit checks. Better go do some more research.
I wish I wasn't so scared of credit cards back when I opened a self credit builder account. I truly probably would've been better off opening a credit card instead (which I did do after finishing my credit builder account). I started off with no credit and with the $150 a month for 1 year plan I did get a credit score and it did improve with time. My score started at around 620 (after some months I finally got a score) and gradually increased before hitting a spike up to 740+ just before my account closed. Next report after the account closed and it tanked down to 675ish. I later opened a credit card (my first, I never got the Self credit card) and the hard inquiry immediately caused a dip. Like I got the notification of the hard inquiry as I was still in the bank. After the first closing date came and went my credit went back to where I was pre-hard inquiry. Wish me luck in my credit building journey!
Wish I knew of your videos months ago. Since Ive first seen them my score has gone up about 40 pts. That was 2 weeks ago It was the one regarding payment dates. Im stuck with a 12 month credit builder but Ill definitely apply for a “revolving” account next time.
1) You'll have to pay your bill in full. If you close your credit builder account. Or they might still let you make payments but they would not report them. Just ask them what is their policy on closing your account early. 2) Depending on your Credit report your Credit Score might go up when you close your account. 3) If you'd like to do a deeper look we can set up a 1 hour Credit Score consultation if you'd like.
Money Mel Jr I had the account for 12 months. That was my first credit account i ever had so maybe that had something to do with it i guess. However i just opened up a LOC with try grain and paid the balance in full and today my score increased by 35 points
The same way financing anything would. It doesn't matter that it's furniture. Once it's added to your credit it will take a hit. Just make sure it's all under one loan.
You wrong brother i can show you with your own 2 eyes that self works also kik off works and you alway can resign up so they can remain on your credit report Also after the 24 months you get 90% of your money back i like me pay 25 a month for 24 months and get 540 back and they get 160 for helping individual build there credit don't hate on them brother because they can help a lot of people that has very bad scores
No hate over here sir. I am the #1 Credit Score Specialist in America. See what you and others do not understand is. Once you truly understand the Credit Score the formula is factual 💯 Now create a video proving me wrong. I will truly LOVE to hear your logic. Make sure you state hard FACTS!! Thanks for your feedback 😀 👍 😊
Your 100 about that if it’s long term goal... it’s not always a bad choice it’s all in the mix and I have seen many credit reports boost to the desired score to get approved for a mortgage. Although you don’t like them they serve their purpose... now good credit that can be considered good doesn’t have builders on it because as you said it falls off therefore not a true good credit score but again it can make the difference between someone getting approved for a mortgage loan.
When you apply for credit you incur a hard credit pull and the amount of time it takes for the new credit (besides a credit card) to positively effect your credit score is at least 3 years and 9 years at the peak. Then for every new trade line that you add to your credit report it shorten your Credit Age. Then after the 24 to 36 months of the Credit Builder account's life it closes and you're still left with that hard inquiry.
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Thanks Mel
You're welcome.
@@MoneyMelJr if i wanted to support how do I?
Thank you! The best way to support is by hitting the thumbs up on my videos and sharing my channel to your social media platforms.
@@MoneyMelJr no problem. You should have a patreon for donations
I don't know too much about it. I'm going have to look into it. Thanks for the info. I truly appreciate you. Now I'm the one who's learning 🤣👍🏾😂
They work
May you please explain in what why do they work?
@@MoneyMelJr They report as on time payments. Depending the credit builder card, loan, savings account. They will report a credit limit. For example credit ai. Is a credit builder card(secured). Connect to your bank account like chime but better. Reports $1500 line and you make purchases. I have seedfi, self, loqbox, love others as well that are loan/savings accounts. Report payments boost your credit score. I don't work for any of these companies. I just started in like January really a couple in December. Next 2 months I'll be 700.
@@kkent4174 They don't provide any credit history. They only increase your total Credit limit and some of them do credit checks. This is not a good strategy in the long run.
@@MoneyMelJr what are you talking about? They all report LOOOOLZ. What? Good luck to you bro. I'm gucci they got me nice loooolz.
Oh and none of the ones I mentioned do credit checks. Better go do some more research.
Why research when you're the Guru 😌😎.
I wish I wasn't so scared of credit cards back when I opened a self credit builder account. I truly probably would've been better off opening a credit card instead (which I did do after finishing my credit builder account). I started off with no credit and with the $150 a month for 1 year plan I did get a credit score and it did improve with time. My score started at around 620 (after some months I finally got a score) and gradually increased before hitting a spike up to 740+ just before my account closed. Next report after the account closed and it tanked down to 675ish. I later opened a credit card (my first, I never got the Self credit card) and the hard inquiry immediately caused a dip. Like I got the notification of the hard inquiry as I was still in the bank. After the first closing date came and went my credit went back to where I was pre-hard inquiry. Wish me luck in my credit building journey!
Congratulations on your Credit building journey. Definitely keep me up to date on how it goes. I want an update on Fourth of July 👍🏾😁
Wish I knew of your videos months ago. Since Ive first seen them my score has gone up about 40 pts. That was 2 weeks ago It was the one regarding payment dates. Im stuck with a 12 month credit builder but Ill definitely apply for a “revolving” account next time.
I appreciate the love family. Definitely spread the word to your loved ones and friends 👨👩👧👦
@@MoneyMelJr whats up man I had a quick question for you. Whats the worse that can happen if I cancel my self account?
1) You'll have to pay your bill in full. If you close your credit builder account. Or they might still let you make payments but they would not report them. Just ask them what is their policy on closing your account early.
2) Depending on your Credit report your Credit Score might go up when you close your account.
3) If you'd like to do a deeper look we can set up a 1 hour Credit Score consultation if you'd like.
thanks for the info Mel Great video keep it coming
Thank you, I appreciate you! Keep those great questions coming.
What you say makes since
Thanks for the love Family 🙌🏿🔥🙌🏿
I just paid off a credit builder account from esusu and i probably won’t do it again. It raised my score but only by a little bit
I'm curious to hear why you will not do it again in the future? Also how long did you have the account?
Money Mel Jr I had the account for 12 months. That was my first credit account i ever had so maybe that had something to do with it i guess. However i just opened up a LOC with try grain and paid the balance in full and today my score increased by 35 points
Keep up the great work 🔥😎🔥😎🔥
@@undertaker11ism A revolving line of credit is a great way to increase your credit.
I signed up and my score went up 31 points on credit karma. I have an Experian account but it has yet to show the same score as on CK
MoneyMel wusup man .. I got another question for you hopefully you can answer me. How does financing furniture affect your credit?
The same way financing anything would. It doesn't matter that it's furniture. Once it's added to your credit it will take a hit. Just make sure it's all under one loan.
You wrong brother i can show you with your own 2 eyes that self works also kik off works and you alway can resign up so they can remain on your credit report
Also after the 24 months you get 90% of your money back i like me pay 25 a month for 24 months and get 540 back and they get 160 for helping individual build there credit don't hate on them brother because they can help a lot of people that has very bad scores
No hate over here sir. I am the #1 Credit Score Specialist in America. See what you and others do not understand is. Once you truly understand the Credit Score the formula is factual 💯
Now create a video proving me wrong. I will truly LOVE to hear your logic.
Make sure you state hard FACTS!!
Thanks for your feedback 😀 👍 😊
Your 100 about that if it’s long term goal... it’s not always a bad choice it’s all in the mix and I have seen many credit reports boost to the desired score to get approved for a mortgage.
Although you don’t like them they serve their purpose... now good credit that can be considered good doesn’t have builders on it because as you said it falls off therefore not a true good credit score but again it can make the difference between someone getting approved for a mortgage loan.
Haha I agree with you. Not a big fan of the credit builder accounts.
Yeah, I don't like them
I was uploading a video I did about it and the video became corrupt. I'll make another one this week.
@@burnettjames3808 I don't like Credit builder accounts because they do more harm than good.
Of course, you may ALWAYS ask. You're a Financial Family Member 👪 ❤
When you apply for credit you incur a hard credit pull and the amount of time it takes for the new credit (besides a credit card) to positively effect your credit score is at least 3 years and 9 years at the peak. Then for every new trade line that you add to your credit report it shorten your Credit Age.
Then after the 24 to 36 months of the Credit Builder account's life it closes and you're still left with that hard inquiry.