Page 45 - Winning The Credit Game Bundle (CK Patrick)

WINNING CREDIT HISTORY LENGTH 33

repayments on the money you agreed to pay the bank when you
bought the property.
If you have been struggling to pay rent on time, or think you might
struggle to do so in the next year, that is the only reason to avoid
signing up for this service. We want to report wins on your record, so if
you aren’t certain of winning at paying rent, keep that particular game
off your scorecard.
Whether you sign up for RentReporter.com or not, these following
options can help you build your credit without the cost and risk associ-
ated with typical credit cards or loans.

CREDITBUILDERCARD.COM

CreditBuilderCard.com offers what is called a secured line of credit. A
“secured” line means that you can get it even if you have a very poor
credit score, because you promise to use the value of something you
already own to pay the credit card company if you can’t pay them back
on time through normal means.
Most secured lines of credit can be very risky. Some secured credit
lines may ask you to use things like your house or your retirement
fund as “security,” basically obligating you to give them these assets if
you can’t pay your bill. This is obviously very risky if you’re agreeing
to a huge amount of security in exchange for a line of credit.
However, CreditBuilderCard.com is built specifically to offer credit
lines to people with poor credit scores without a big risk. For the
Credit Builder card, the “security” you promise is just a one-time $200
deposit that you pay, which Credit Builder will use to cover any losses
they may incur if you spend money on your credit card and can’t pay
it back.
The great thing about this is that they don’t do a “hard inquiry”—a
type of background check used by most lenders and credit card
companies. This is important because hard inquiries actually hurt your
credit score. This is because credit bureaus may assume that applying
for credit cards or loans means you are struggling to pay your bills as-
is, so they deduct a few points from your score each time you do so.