Credit Builder Credit Cards are secured Credit Cards that do not require a credit check and reports to all 3 major credit bureaus. So how does it work? Simple! Visit one of the credit builder websites, choose a card, complete the short application, make a refundable security deposit as little as $200, your card arrives in the mail, use it to purchase food, gas etc. keeping your spending and balance due below 30%, this will then increase your credit scores in as little as 3 short months. This is simply from spending your own money and paying your bill on time monthly down to what I like to call the magic revolving number of $10.00. Credit Builder Credit Cards mission is to help you to build credit and reach your financial goals while avoiding credit cards that charge interest rates over 30%, high, annual fees and application fees. This card is idea for anyone looking to build their credit in the smartest way possible.

Since so often we pull credit, and someone’s mortgage credit scores are better than expected we like to see what your scores are before running to get a credit builder credit card because you simply may not need it. Let’s say you were trying to qualify for a home loan, and you were denied due to bad credit scores and a few negative items on your credit report. I as a loan officer can run what is called a what if scenario through a program called a what if simulator and obtain exactly what is needed to increase your scores to a qualifying score and above. We can then work together to do what was requested by the simulator, rather it is to pay something down, off or negotiate with a creditor to reduce the balance owed to a more affordable amount. No matter the case, once those items are in order, we can then perform what is called a rapid rescore and adjust your credit scores to reflect the changes in 3-5 business days, making you a now approved borrower. And always remember that you still have credit repair as an option if you cannot afford to do what is requested by the what if simulator.