Build positive credit history

The first account we recommend is the SELF Credit Builder Account, also known as SELF Lender. Sign up for the $25 monthly plan if it is available. This account reports to all three major credit bureaus as an installment loan. Make sure you have enough money in your bank account each month to cover the payment. We recommend setting up automatic payments because late payments could hurt your credit. Although it reports as a loan, you are making payments into a savings account. At the end of the term, you receive the savings minus interest and applicable fees. No hard credit inquiry is required. After at least three on-time payments and meeting other requirements, you may become eligible for the SELF Visa® Credit Card.

Next, open a CreditStrong Account. It is another credit-building program similar to SELF, with different plans available. Opening it soon can help you add more positive payment history to your credit reports. Review the payment amount and total cost before you sign up.

Finally, open a Kikoff Credit Account. Kikoff currently offers plans starting at $5 per month. The account reports to all three major credit bureaus and can help add another positive account to your credit profile when you pay on time. Review the plan details before signing up.