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.
If you missed these during the first month, please review the options below.
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.
View SELFCreditStrong offers credit-building installment accounts with different plans. Review the monthly payment, term, and total cost before choosing a plan.
View CreditStrongKikoff offers credit-building accounts. Review the current plan price, bureau reporting, and payment requirements before signing up.
View KikoffSee whether your eligible rent and utility payments can be added to your credit reports.
Explore Rent & Utility ReportingExplore options for reporting eligible utility payments.
Explore Utility ReportingChecking 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.
Check PreapprovalChecking 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.
Check PreapprovalOpenSky says there is no credit check to apply. This button goes straight to the application, and a refundable security deposit is required.
View 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.
View 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.
View 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.
Check EligibilityChecking 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.
Check Your OfferPreapproval does not guarantee approval. Review the issuer’s terms before applying.
This is the weekly routine I personally use to manage my credit cards. The goal is to build good habits and keep balances low—not spend more money.
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.
Your credit score is only part of qualifying for a home. Your debt-to-income ratio, or DTI, compares your monthly debt payments with your monthly income before taxes. Understand yours before applying.
If you plan to apply for a mortgage soon, speak with your lender before opening accounts or requesting credit limit increases.