Avoid Credit Builder Loans

Getting a deal at the register has hidden costs down the road!

The new account penalty is about to drop your credit score 15-30 pointsNew accounts do not build your credit score for many months until the system sees you making on time payments
The new account is often maxed out the day you get approvedThis further drops your credit score by as mush as 85 points, it looks like you got a new card and maxed it out on day one!
Beware of the hidden charges, 0% interest offers have a time limitIf you don't pay off the full balance, the card companies retroactively add back all the interest at their rack rate, often close to 30%
You will have another hard inquiry dropping your score another 5 points
Your score could drop over 100 points simply opening a new card and getting a credit limit that is maxed out on day one!