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In this video we review SeedFi, a great credit building product for beginners.
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In this video we take a look at Seedfi, a great alternative to a secured credit card or other credit building platforms like Self Lender.
I may receive a commission when you click on the links in this video and get a SeedFi Plan. This helps support the channel and allows us to continue to make videos like this. Thank you for your support!
SeedFi Customers with fewer than three tradelines on their credit profile experienced an average increase to their Vantage 3.0 credit score from 579 to 624 (+45 points) after six months of on-time payments (data gathered from Dec’19 through Nov’20).
Savings account provided by Cross River Bank, Member FDIC.
Example Credit Builder Plan: SeedFi charges $1 a month to access the Credit Builder Plan. In a typical Plan, at the end of one year the consumer would have paid $512 and would have $500 of savings. If you’re trying to shop or compare this against other credit builder loans that charge an interest rate, the $1 a month is equivalent to a 4.6% APR. SeedFi will provide the Credit Builder Plan for free after you’ve referred one friend.
Example Borrow & Grow Plan: For example, for a Borrow & Grow Plan where the consumer accesses $3,000 in cash now and placed $1,500 in savings, the Amount Financed would $4,500, the APR would be 19.99%, the Finance Charge would be $1,417, the Total of Payments would be $5,917, the Payment Schedule would be 73 biweekly payments of $80 and one final payment of $77, and the payment schedule would span 34 months.
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18 comments
Ya taught me something new, Shifu! Hadn’t heard of SeedFi til this video, thanks! 😃👊
hi shifu!
It's like Self Lender.
Dang… wish they had this when I first moved to the US 🙃
Great info Shifu!
Some states they don’t operate in like North Dakota… 😭
Always learning something
It’s really good that programs like this exist to help people improve there credit in a relatively short amount of time. Great break down!
This is like Self credit builder, they do the same secured installment loan that you get back after it's paid in full, but they also have a credit card. I'll try seedfi though
When I applied my first crcd in 2016 I had old fashion measures, so back in my day we didn't have all of these accommodations we just have money in the bank, newspapers, and a radio.
For people that hit a hard spot in their credit, it can really help get your mix points.
I have "poor mix of credit" as one of the things holding me back from going higher (currently 760). Would this help my credit mix since its an installment load? I already have 5 cards.
This is not good, it reports vintage score creditor are looking for FICO score. Please don't do this
Should I open this along side the Student Discover It Cash Back Credit Card?
I'm actually signing my husband and I both up for SeedFi today! I already own three credit cards and have pretty decent credit, but I like the idea of having $500 cashed away for the future. Also, I'm really bad at saving money, so at least now I'm forcing myself to save it.
On the Self credit builder videos I’ve heard people say that once the loan is paid in full, it closes the account, therefore dropping your score. Some worse than others. I wonder if this is the case with SeedFi or just about any credit builder loan
The grogu was a nice touch
I’m trying to get a loan of 2500 but my score is around 550-600. Is doing Seedfi’s borrow and grow plan my only option at getting an immediate loan of this amount?