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Had to pick between a secured card and a credit builder loan to fix my 580 score
My credit tanked after a medical bill went to collections in 2022. I was stuck at 580 and needed to rebuild fast for an apartment lease coming up in April. The bank offered me a secured Discover card with a $200 deposit, but my buddy swore by a credit builder loan from Self. I went with the secured card because I could control the spending myself. After 6 months of paying it off every month, my score jumped to 640. The apartment still wanted a co-signer though. Anyone else try the loan route and have better luck?
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tylerr2928d ago
Self's loan just builds savings you can't touch, not credit freedom.
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gavine4128d ago
500 bucks annual fee for that. @tylerr29 you're right though, it's just a forced savings account with extra steps.
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