Let’s Build

Why DO I NEED TO BUILD CREDIT?

Whether you are in the midst of credit restoration or getting your first credit card, the best way to boost your credit profile is by adding positive accounts.

The positive accounts accomplish two main goals: Counteracting Negative Information and Establishing a Good Credit History.

Click the buttons below for more details:

Credit Builders

Credit Card Builders

Kikoff

  • Fees: $5 to $30 Monthly

  • Secured: No Deposit Required

  • Approval Process: Soft Check for Approval

  • Typical Credit Limit Range: $750 - $3,500

  • Typical APR Range: N/A

  • Reports To The 3 Major Credit Bureaus

Ava Credit Builder Card

  • Fees: $6 to $15 Monthly

  • Secured: No Deposit Required

  • Approval Process: Soft Check for Approval

  • Typical credit Limit Range: $2500, But The Ability To Spend Up To $25 (or higher depending on your spend limit) on a subscription program monthly

  • Typical APR Range: 0% Balance is due in full 7 days after use.

  • Reports to the 3 Major Credit Bureaus

Petal Visa 1 or 2 Card

  • Fees: $0-$59 Annual Fee (Dependent on Card chosen)

  • Secured: No Deposit Required

  • Approval Process: Soft Check for Pre-Approval (Hard Inquiry Only If Accepted)

  • Typical Credit Limit Range: $300 – $5,000

  • Typical APR Range: Variable APRs range from 25.24%-34.74%

  • Reports to the 3 Major Credit Bureaus

  • Mobile App Available

  • Card Issued by WebBank, Member FDIC.

Discover It Secured Credit Card

  • Fees: $0 Annual Fees

  • Secured: Minimum $200 Refundable Deposit Required

  • Approval Process: Soft Check for Pre-Approval

  • Typical Credit Limit Range: $200 (Dependent on Deposit)

  • Typical APR Range: 28.24% Variable APR

  • Reports to the 3 Major Credit Bureaus

  • Automatic review 7 months after card issuance for possible upgrade to unsecured credit card and deposit return.

  • Card issued by Discover Bank Member FDIC.

Loan Builders

Ava Credit Builder Loan

  • Fees: $6-$9 Monthly Fee + $21 Monthly Savings Deposit

  • Secured: No Deposit Required

  • Approval Process: Instant Approval

  • Reports to the 3 Major Credit Bureaus

  • Time to Unlock Funds: 12 Months to unlock

  • Requires a Bank Account Connection for Sign Up

Kovo

  • Fees: $10 Monthly for 24 months

  • Secured: No Deposit Required

  • Approval Process: Instant Approval

  • Reports to Equifax, TransUnion, Experian and Innovis

  • Time to Unlock Funds: No Funds Returned. Can cancel at any time.

CreditUP By 5 Star Bank

  • Fees: $0 Admin Fees / Low Interest Rate

  • Secured: Minimum Loan Amount $500 to $1,200

  • Loan Term Ranges: 12 months, 18 months, or 24 months.

  • Approval Process: Soft Pull Credit Check

  • Reports to 3 Major Credit Bureaus

  • Time to Unlock Funds: Dependent on Term Range / Can Cancel at Anytime

  • Monthly Savings: CreditUp calculates your total loan amount and monthly payment. Funds from your loan will be placed in a savings account in your name.

  • Issued by 5Star Bank Colorado, member FDIC.

Discover It

  • Fees: Loan Interest rate of 5-16% / $0 Admin or Hidden Fees

  • Secured: Minimum Loan Amount $500 to $2,00

  • Loan Term Ranges: 12 months or 24 months.

  • Approval Process: Soft Pull Credit Check

  • Reports to 3 Major Credit Bureaus

  • Time to Unlock Funds: Dependent on Term Range / Can Cancel at Anytime

  • Monthly Savings: Calculated based on total loan amount and term.

  • All loans are made by Synapse Credit LLC, NMLS 1971454

Rent and Utility Reporters

Boom Pay

  • monthly Fees: $2

  • Past Reporting: $25 One-time fee for 24 months past reporting

  • Secured: No Deposit Required

  • Approval Process: Instant Approval

  • Reports to the 3 Major Credit Bureaus

  • Prefers a Bank Account Connection for Sign Up

  • Easy Mobile App

  • Little to No Landlord Involvement

Rent Reporters

  • Monthly Fees: $5 or $10

  • Approval Process: Instant Approval

  • Reporting up to $500 0r $25,000 of rent and utility payments

  • Secured: No Deposit Required

  • Reports to the 3 Major Credit Bureaus

  • Prefers a Bank Account Connection for Sign Up

  • Easy Mobile App

  • Bills automatically debited from checking account

RocktheScore

  • Set Up Fees: $48

  • Monthly Fee: $7 monthly afterward

  • Past Reporting: $65 One-time fee for 24 months past reporting

Chime

  • Monthly Fees: $0

  • Secured: Yes* money moved to Credit Builder secured account is used for building.

  • Approval Process: Instant Approval

To add positive reporting accounts to your credit report, consider the following steps:

1. Apply for a Builder Credit Card: Theses credit cards are designed for people with limited or damaged credit. Some may require a security deposit but can help you build a positive credit history when used responsibly.

2. Credit Builder Loans: Some financial institutions offer credit builder loans, which are designed to help individuals build credit. These loans typically involve making small, manageable payments over a set period, and once completed, you receive the loan amount plus interest.

3. Pay Your Bills On Time: Ensure that all your bills, including rent, utilities, and student loans, are paid on time. While these may not typically appear on your credit report, some credit scoring models consider alternative data sources.

4. Become an Authorized User: Ask a family member or friend with a good credit history to add you as an authorized user on their credit card account. Their positive payment history can benefit your credit.

Remember that building a positive credit history takes time and consistent effort. It’s essential to be patient and responsible in managing your credit to achieve the best possible results.

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IIY Consulting

Main Office: Houston, TX 77005

Contact Us

414-775-3334

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