E&L Legacy Group
Building positive credit is an important part of your progress. Please take credit building seriously so you can position your credit to become approval-ready. Watch these three videos in order and follow the steps below.
Learn about the five parts that make up your credit score and how your habits can affect them.
Please review all accounts below! The first 2 tabs are a no-brainer. Please take action!
SELF is a credit-building installment account. Review the $25 monthly plan if available, along with its payment schedule, interest, and fees. Set up automatic payments and keep enough money in your bank account to cover each payment. At the end of the term, you receive the savings minus interest and applicable fees. Eligibility for the SELF Visa® Credit Card depends on meeting SELF’s requirements.
SELFCreditStrong offers credit-building installment accounts with different plans. Review the monthly payment, term, and total cost before choosing a plan.
CreditStrongKikoff offers credit-building accounts. Review the current plan price, bureau reporting, and payment requirements before signing up.
KikoffSee whether your eligible rent payments can be added to your credit reports.
Add Your RentExplore options for reporting eligible utility payments.
Add Your UtilitiesChecking preapproval: Capital One says this is a soft inquiry that doesn’t affect your credit score.
Accepting an offer: moving forward with the application triggers a hard inquiry, which may affect your score.
Capital OneChecking preapproval: Discover says there is no hard inquiry to see if you’re preapproved.
Submitting an application: this results in a hard inquiry, which may affect your score.
DiscoverOpenSky says there is no credit check to apply. This button goes straight to the application, and a refundable security deposit is required.
OpenSkyFirst Progress says no minimum credit history or credit score is required and that it may pull a soft inquiry, which does not affect your score. A security deposit is required.
First ProgressU.S. Bank’s page for this card doesn’t list a preapproval check, so treat this as a full application. Ask U.S. Bank whether applying involves a hard inquiry. A security deposit is required.
U.S. BankChecking eligibility: Mission Lane says you can see if you’ll be approved with no impact to your credit score.
Accepting an offer: this is a separate step. Review what it does to your credit before you accept.
Mission LaneChecking your offer: Apple says there is no impact to your credit score until you accept your offer.
Accepting your offer: a hard inquiry is made, which may affect your score.
Apple CardPreapproval does not guarantee approval. Review the issuer’s terms before applying.
How to get out of low credit limit jail.
One of the best ways—if not the best way—to boost your score is by increasing your credit card limits. I’m telling you, this is the secret sauce. Use the Sunday Rule on one credit card, or a few, and it could really help you boost your score.
If you’re only approved for 1, that’s perfectly fine too.
No more than 4 new cards per year.
Buying a home takes more than disputing negative items.
Your credit score is only part of the picture. Lenders also review your payment history, credit card balances, income, and monthly debt payments.
While we work on your disputes, you can take steps toward home readiness:
Follow the credit-building steps above and pay your accounts on time.
Use your cards responsibly and avoid taking on debt you cannot afford.
Your debt-to-income ratio compares your monthly debt payments with your income before taxes. It helps lenders evaluate your ability to afford a mortgage.
Planning to apply for a mortgage soon? Speak with your lender before opening new accounts or requesting credit limit increases.
Every lender has different requirements. Completing these steps does not guarantee mortgage approval.