Eric Hyatt
Realtor® with Home Smart
T: 303-349-6677
What’s in a FICO Credit Score?
- from myFICO.com
Tips on Establishing Credit
Self Lender
Self Lender helps you responsibly build credit by giving users credit monitoring and the opportunity to apply for a credit builder account. A credit builder account can help you establish credit history and save money in a safe, responsible way as the CD is FDIC insured. You make monthly payments to an account as a loan to yourself, at the end of twelve month you can withdraw the funds and the payment history is reported to all three credit bureaus as a loan you paid off.
Rent Reporter
A company who will verify your on time rent payments with your landlord for up to the past 24 months. After completing the rent verification process, they report your rent payment history to Transunion. Each month thereafter they will contact your landlord to verify the prior month’s rent payment and update your credit report.
Secured Credit Cards
Although a secured card requires a deposit, this type of credit card can be helpful for people who otherwise can’t open a line of credit. When used responsibly, secured cards can give you an opportunity to build or rebuild your credit.
Credit Monitoring Services
Companies like CreditKarma, CreditWise or your credit cards offer free credit monitoring services which can give you an overview of your credit situation and provide tips on how to improve.