Page 47 - Winning The Credit Game Bundle (CK Patrick)

WINNING CREDIT HISTORY LENGTH 35

SELFLENDER.COM

SelfLender.com is an ingenious idea built specifically to help people
build credit without losing money. SelfLender.com combines the credit
history benefits of taking out a loan with the money-saving benefits of
a savings account.
First, you apply for a loan through the SelfLender.com website.
Next, you choose how much to “borrow” and how long you want to
take to “repay” the amount. I’m putting “borrow” and “repay” in
quotation marks because you won’t actually be borrowing or repaying
anything; instead, you will be making payments into what is essen-
tially a savings account.
Your payments to this savings account will be reported to credit
bureaus as though you were paying off a loan. As long as you meet
your savings goals and make the payments required by the contract
you chose, you will be marked down as having a loan repayment win
for the month.
But instead of getting money up-front which you then have to pay
back, SelfLender.com essentially does things in reverse. You get the
money you’ve paid into your savings account at the end of the process,
and you don’t have to pay it back since it is your money that you’ve
saved up.
Pretty good deal, right? You get to build credit history with no hard
inquiry, and at the end of the process you get paid a bunch of money
that you have saved up for yourself through your monthly payments.
One of the best parts of the design is that, since you have not actu-
ally borrowed money that you are now obligated to pay back, you can
cancel your account and stop paying off your “loan” at any time if you
need to. This means that if something happens and you can’t save up
the full amount you planned, your credit score won’t show this as a
failure. Instead of taking losses on your scorecard for each month you
can’t pay, you’ll simply show as taking a break from the game for
personal reasons.
This tool builds your credit and your savings with none of the usual