Are you ready to buy your dream house, get a new vehicle, or perhaps you want to invest in your small business? 

Well, my friend, you may need a little thing called "Credit." 

Having "good" Credit can open all sorts of doors that would otherwise be slammed in our face. Having "bad" Credit can keep us from getting certain jobs or promotions. 

Credit is hard to get. It is harder to keep in good condition, especially if you are getting out of a bad situation like a divorce, losing a loved one (and their income), or incarceration.   

Although I am not a qualified financial advisor and make no claims to be advising you as one, I can read and understand a good deal when I find one, so this article is for the many people hoping to boost credit scores quickly in 2021. 

According to Fox Business, who took their information from Experian's 2015 Vantage Score 3.0, nearly a third of Americans have bad credit, with credit scores lower than 601. (DiGangi, 2016) 

I was happy to see they also pointed out how many people had no credit and the disadvantages of both circumstances. 

Steps to Rebuilding or Acquiring Credit: 

#1- First, you should check your credit score or fico score to evaluate how much work you may or may not have to do to get the score where it benefits you the most.   

Don't worry; you get one free credit report per year! Trust me, I have used this free tool for many years, and it is totally free. 

Just go to www.annualcreditreport.com to get your free copy of your credit score and other pertinent information regarding credit building techniques, many of which are listed here already. 

Monitor your report as often as possible to fix errors accordingly and find recommendations for further helping your score. I have personally taken advantage of some of the credit card deals promoted on their sites with good results. 

I recommend reading reviews about potential deals because some are better than others. Knowing the cons in advance can save you a world of frustration. 

After you know your score, it's time to evaluate your goals. You may have to establish Credit for the first time or rebuild bad credit. Luckily, this hack to boost a credit score quickly works in both situations. 

A credit rating is different than a credit score. Although the terms are sometimes interchangeable, it is good to learn the difference early to avoid any misunderstandings later. 

• Credit ratings refer to a business or Government's creditworthiness and are a letter instead of a number.
• Credit scores are the three-digit number found on a credit report representing an individual's creditworthiness. There is also other pertinent information relating to your income, established loans, loan payment history, and more.  

The higher your three-digits are, the closer to excellent Credit you are, and loans or offers will become available because of that excellent credit score. 

Low interest to zero interest rates is a few more perks to look forward to when you finally achieve a perfect credit score. 

Low credit scores mean frequent rejections on credit applications and higher interest rates if you are accepted. 

A FICO credit score is an average of the three reporting credit agencies' score of credit worthiness. Or how risky it is to give you or your small business lines of credit.

Credit Bureaus are organizations that collect and research individuals. They are also known as credit reporting companies. The three most popular U.S. Credit Bureaus are Equifax, Experian, or TransUnion, but there are many more. 

Credit Bureaus takes data and sells it to collectors for a fee so decisions about all kinds of loans can be evaluated, granted, or denied. 

However, credit bureaus do not decide if you are eligible for a loan or input anything besides credit-related information facts. Only the lending company that is pulling your Credit has the power to make any decisions regarding your loan potential. 

It used to take years to repair damaged credit, and the struggle to get Credit was not any easier! There was no app or easy way to contact these agencies to dispute inaccurate information. Many people (like the young and naïve me) would get frustrated and give up. 

A few years later, I wanted to buy a house and realized how critical it was to have good Credit.   

#2- You can take control of financial shortcomings with many tools like apps that help you make and track budgets or worksheet templates free to download and use to track spending. 

3 Keys to Gaining or Rebuilding Credit 

• Getting one or more of these can help boost credit scores if payments are made on time: A secured credit card, a credit builder loan, a retail store credit card, a (CD) Certificate of Deposit, having a co-signer for a loan, or even student loans.
• Pay bills on time and avoid overextending your budget on unnecessary purchases. Maintaining low balances on credit cards have a significant impact on credit scores. Carefully pick and choose which lines of Credit you plan to use but be mindful of high-interest rates or risk making your Credit worse!
• Time is the final key. Waiting months to years to get or rebuild Credit to make necessary purchases for life's minor emergencies sucks. Still, it is not the only option anymore. 

Follow our Pinterest account for great templates and app ideas to help boost your credit score. 

Budgeting apps or templates will help; however, the next step has proven it can raise credit scores QUICKLY! 

#3- Starting a "Self" Credit Building Account is the fastest way as of March 2021 to boost credit scores. 

It gets crowned hack of 2021 because, by 2022, you can have better Credit and a large lump of money that you saved all by your SELF.       

The Pros 

"Self," formerly known as "Self-Lender," has a quick and easy process to get your credit journey headed in the right direction. 

You can download the "Self" app or download from my link in which I may receive a small commission that in no way reflects your account; it just helps to keep my lights on. 

Link: https://self.inc/refer/17559788 

How does it work? 

"Self" gets you a loan and puts it into a CD that earns a .01% interest rate. You pay money towards that loan every month for the time you set the loan increment for (i.e., 12 months or 24 months). 

It looks like an installment loan on your credit report, but ultimately, you're paying back that CD. 

The best part is that you get all your money back plus a tiny bit of interest once the loan is complete. Oh no, that wasn't the best part. It's the fact that your goal of boosting your credit score will be achieved because you planned for success, followed through by making timely payments, and have the Credit to prove it! 

What is a Cd? A CD is a certificate of deposit. 

What are the requirements to get started with the program? 

• 18 years or older
• U.S. Citizen
• Social Security Number and D.O.B. (Date of birth)

They do not look at your credit score to determine eligibility. However, "Self" does use your banking history to help determine if you qualify. 

You should have two lines on your credit profile like bills or your employer reporting information that shows you can make monthly payments on time. 

You can get a profile with "Credit Karma" or use their app to see your identity status and make improvements. 

If you have identity theft, fraud, or bankruptcy issues showing up, you may get denied. I recommend speaking to an agent if you are concerned about these issues and possible means of rectification. 

"Self" is FDIC Insured, and they report to Experian, TransUnion, and Equifax. There is no credit check, but you should have enough money to make your payments on time or risk making your Credit worse. 

Check reviews and do your research if you are still in doubt. I had to research many reviews before writing this article, and I was not the only person who has had a great experience with fast results with this hack. 

Some reviews showed improvements as quickly as one month with a 20-32% increase in credit scores! 

The potential is yours for the taking; click on the link to start your credit building journey today! You can pay off or close your account early (or anytime during the loan period) without penalties. If it's in good standing, Self will stop reporting payment history to the credit bureaus and make one final note to the account. They report your (good standing) account to Equifax, TransUnion, and Experian as paid off early. 

The Cons

Although paying off or closing your account early sounds like a good thing, it might not be so great. Payment history is a major factor in calculating your credit score.    

Evaluate the pros and cons before closing these accounts to enjoy the maximum potential of credit building power. 

Research the major credit bureaus, and they all admit that payment history is critical to credit score determination.    

• 5% late fee after 15 days past due.
• $15.00 fee for checking account payment failures.

These fees cannot be waived; however, they can be rolled over (or into) your loan. 

"Self" focuses on ensuring the agreed-upon payments are being met first while working out the late payment fee problem with you. This step helps when we have a rough month, but it is best to make your payments on time to avoid additional fees and complications. 

References

 Axelton, K. (2020, April 3). How to Get Credit for the First Time. Retrieved from www.experion.com: https://www.experian.com/blogs/ask-experian/how-can-i-get-credit-for-the-first-time/ DiGangi, C. (2016, February 15). How Many Americans Have Bad Credit? Retrieved from Fox Business: https://www.foxbusiness.com/features/how-many-americans-have-bad-credit