Save money, DON’T get scammed by credit fix or credit repair be your self lender DIY


hello everyone thank you once again for
tuning into our youtube channel if it’s the first time you’re looking at one of
our videos here please subscribe to our channel we would greatly appreciate it
it helps support what we do and what we do is produce videos for you that are
going to save you money it could be anything from going to the grocery store
to getting apart for your vehicle to doing some DIY projects around your home
but today we’re gonna talk about credit history and how you can save money there
are a lot of scams out there and a lot of people that are not really looking to
help you they’re actually looking to make money for themselves and these
companies that promise quote-unquote to save you money and to help restore your
credit score 90% of them are not very good companies I would say are not
ethical and they’re not looking for your interest they’re actually looking for
their interest so what we’re gonna do today is talk about a company called
self and they used to be called self lender and how it works so basically for
as little as 25 bucks a month you can start building your credit history and
getting your credit score up so here are the steps you’re going to apply for a
credit builder account you can start with as little as $25 a month we
personally have ours at forty eight dollars a month the second step is
you’re gonna start paying off that credit builder account with this amount
with whether you choose 25 or 48 whatever and then each on time monthly
payment builds credit history and adds to your savings so they report your
payments whether it’s twenty five or forty eight or whatever you choose to
all three credit bureaus so I don’t remember exactly who they are but it’s
TransUnion I believe forgot the other two but TransUnion is the one that I
remember looking at and I’ll probably just post the other three right
alongside the video here and then it’ll unlock your savings once you’ve paid
your credit builder account which is usually a year or two this is put in a
CD so banks have CDs this is the way it works and unlocks the money the money
goes back to you minus the fees and interest which is like fifteen dollars
in fees and the interest so that money goes back to you it’s not like you’re
losing that money whatever you put in you’re gonna get it back okay
so you’ll see that there’s different places that have talked about them about
self and even if you don’t have a credit history this will help you make a credit
history because that’s basically what you’re doing and they tell you right on
there that your payment history is what makes thirty five percent of your credit
score so if your credit score right now is trash most of the time it’s because
you’re your history your payment history has not been good you haven’t paid your
your your companies that you owe money to your credit card companies your
vehicle your phone your mortgage you haven’t paid it or you have paid it but
you haven’t paid it on time and by not paying it on time you’re not helping
your credit score your credit score is going to start to go into the orange and
into the red and that that means less and less companies are gonna be willing
to open up their pocketbooks and lend you money in the future so you want to
be here in the green you want to be here in the green if you’re in the blue we by
doing this you can get yourself into the green but even if you’re in the red or
in the orange or in the yellow you can start boosting up your credit score and
some credit or some companies are more forgiving if they see that your credit
score is going up even if it’s not in the green even if it’s in the blue for
example they’re more forgiving to you if they see that you’re starting to build
up your credit score by means of having a better payment history so what I’m
going to do is I’m going to play this quick one-minute video and then we’re
going to go into the rest of it so you see how to understand how it works and
how so you can understand how it works I’m actually going to log into my
account and show you how it’s worked for us so I’m going to
go ahead and play the video here in just a minute everyone knows it’s important
to build credit whether you want to run an apartment by a car or get a credit
card having a good credit score can save you thousands but how do you actually
get started building credit many people will say apply for credit card I hope
that you’ll be approved and then once you finally get the cards be careful not
to overspend or you’ll rack up a ton of debt and be making interest payments for
years there have to be a better way to establish credit history
hello self lender self lender helps you get a credit builder account it’s a
small loan that’s held in a certificate of deposit account for 12 months the CD
is FDIC insured it’s in your name and earns you interest the best part as you
pay the credit builder account your payment history is reported to all three
credit bureaus after 12 months you’ve established credit history and the money
in your CD unlocks with interest self lender build credit while you save okay
everyone so now that you have seen the video
you understand that what it is it’s basically a CD so banks have this all
the time it’s a way that you can save money and let’s say if you have a
12-month CD for 12 months you can’t touch it if you do withdraw the money
there’s a penalty that you pay you can have a 12-month CD you can have even
longer than that but that’s basically what’s going on you’re paying this
company self a fixed amount every month and they’re gonna start putting that
away in a CD at the end of the term let’s say one year you’re gonna get that
back so if you put $48 a month like we’re doing in about 12 months or
exactly in 12 months you get that money back if you start with a lower amount
like $25 a month it’s for two years but the payments are less so you’ll have 24
months of credit payment history that you’re building up
and this is getting reported to them three major credit bureaus Experian is
the other one I had mentioned before so Experian TransUnion keep forgetting the
name of the third one but anyway you guys understand so how it works like the
next time they’re gonna withdraw 48 dollars from my bank account and that’s
that’s a key there you have to have them draw the money out of your bank account
it can’t be a credit card it has to be your bank account so let me show you
here real quick actually before I go to the next page I want to show you what’s
been going on since we started with them a few months ago our score was 771 and
now it’s 788 so it’s gotten up 17 points that’s good to know
so let me show you the next page okay so on this page I just clicked on details
and on this page you’re starting to see what’s going on with this CD so we owe
or our remaining balance is $187 our initial amount is 545 so once we get to
our balance being 0 we will have 545 dollars available back to us they send
that back to you you get it back and your loan interest rate is being paid at
ten point three four percent your annual percentage yield is 0.1 0 percent we
started doing this back in June 5th of 2019 so by June 5th of this year 2020 at
all mature so we’re in February again we just got a few more months to go and you
can see our payment history so starting from July the fifth we started paying
they started withdrawing the $48 from our bank account and every month as long
as your status here says paid again this company self is reporting this to all
three credit bureaus and that’s what’s going to make your credit score go up so
if you are renting now and you would like to own a home or
buy a home within the next year or two instead of just sitting there doing
nothing do this start putting $48 a month for a year or start putting $25 a
month for two years you’re gonna get that money back it’s not like it’s gonna
go anywhere you’re gonna get it back so you’re doing two things one you are kind
of creating a savings account and two you are improving your credit score it’s
better than not doing anything just sitting there so as I scroll down here
you will see that we have four more months of payment history to go before
we can get that money back so again thank you for watching please subscribe
to our channel if you have any questions post it below and we’ll be happy to
answer them for you thank you for watching please subscribe you

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