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The Dave Cash Advance App

I am a long way removed from the traditional payday loan system but I do from time to time use a mobile app called Dave that allows you to take out small cash advances of either $25, $50, or $75 until your next payday.

One reason why the Dave app is different from a standard payday loan is that you can borrow money without paying a single dime in interest. You pay back exactly what you borrow and not a penny more. They do offer the ability to leave a tip to show your gratitude but it is not required.

Dave is very simple to use. Once you have initially set up the account and connected your bank, you can generally have your money in your bank account in one to two business days without having to pay the optional fee for fast delivery.

In order to qualify for a cash advance, you only need to be 11 days or less from your next payday. The Dave app also has a checking account that you can opt into that will give you access to up to a $100 advance but at the time of this writing, it is not yet available.

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The best time to pay your bills

Everyone knows that when building credit it is imperative that you pay your bills on time. It's even more important to know exactly when to pay. You see, in order to get full credit for your payments you should never pay your bill until the creditor posts your statement online or you receive it in the mail.

The reason for this is because if you pay your bill "before" your statement posts, your payment will not count towards your current billing statement. It will apply to the previous billing statement. The bill will be paid but you'll still owe for the current month's bill which could result in a late payment and impact your credit score.

If you pay "after" your statement posts, it shows the credit card company that you have made a timely payment and this payment will be sure to post for the current month's bill and not your previous one. Additionally, if you are paying your bill in full each month, this method keeps your credit utilization lower which will increase your credit score.

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Plant your credit cards in the garden

When considering new credit cards, you must do so with a plan in mind. By plan, I mean that when you are trying to build credit it is best that you focus on credit cards that will grow rapidly in the garden. "The Garden" is a term for getting a credit card for the primary purpose of growing its credit limit as quickly as possible. The more credit that you have available, the lower your credit utilization. The lower your credit utilization, the higher your credit score.

There are certain department and specialty store cards and the companies that finance them that will raise your credit limits faster than major credit cards like Visa and MasterCard. Comenity Bank and Synchrony Bank are known for giving frequent and large credit limit increases that are all soft pulls that won't affect your credit scores.

Wayfair and Overstock are two such credit cards that are financed by Comenity Bank that have been known to raise your credit limits to over 30K with very few purchases needed. My initial Wayfair starting limit was just $800. On the day the account opened, I requested a credit limit increase and was instantly granted a $1550 limit. Just three months later my credit limit is $4550.

Given this trend, I predict that my Wayfair credit limit will reach 10K somewhere between the 12-18 month window of initially opening the account. My Overstock credit card has had a similar credit limit increase within the same time frame. That's potentially 20K worth of available credit within one and a half years. Plant your credit cards in the garden and watch them grow!

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How to build credit with limited funds

Building credit with limited funds is not impossible but it will be challenging. Challenging because one of the primary principles of credit rebuilding is based upon paying down your current debt. The good news is...it's not a dealbreaker.

If you are not in the position to plop down large amounts of cash to reduce your existing debt quickly, the next best thing to do is to continuously pay the bills that you currently have on time and never, ever again be late.

Now, after you've gotten into the mindset of never being late again, the next thing I want you to do is to go to www.fingerhut.com and open an account. A lot of people will scoff at a Fingerhut credit account. Don't listen to these people.

Fingerhut is responsible for improving more people's credit profiles faster than any company that I've ever heard of. If you are too embarrassed to tell people that you have a Fingerhut account then don't tell them, just open the account and watch your credit grow.

Next, I want you to make a small purchase of $20-$30. The amount is not important. The key is getting something that you can pay off in full within a few days of your bill arriving, if not sooner. Then repeat.

Fingerhut will double if not triple your initial credit limit within the first 3 months. The moment they increase your limit, then I want you to go to www.gettington.com and open an account with them.

Gettington Credit is financed by WebBank, which is the same company that finances Fingerhut and they will reward you just as quickly for making simple, on-time payments. These two accounts alone will open the door for several other credit cards in a short amount of time and you've spent practically nothing.

If you follow these three simple steps, I promise you that within six months your credit score will show significant improvement, and within a year your score will have jumped by at least 100 points if not more.

A year might sound like a long time but trust me, it won't feel like it because you will be receiving small rewards and a sense of accomplishment along the way.

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How Fingerhut helped me reach a 700 credit score!

There was once a point in time when Fingerhut would not let me renew a previously defaulted account with them no matter how many calls I made to their customer service department. I came just short of begging them to accept me back as a customer once I learned the true credit building value of Fingerhut but they kept telling me no.

I couldn't believe it. I mean, this was Fingerhut. Not some major credit company or lender. That's where I made my first mistake with my initial Fingerhut account. I basically burned them without paying them back because I was under the understanding that no harm would come of it. I seriously underestimated just how much of an excellent credit builder they were and they made me pay dearly for it.

It wasn't until I finally cleaned up my other credit and my score started to rise that I decided to reapply and finally after about two years of denials, they accepted me back as a customer and I was so grateful. Fingerhut has changed my credit for the better and is responsible for single-handedly improving my scores at each credit bureau by at least 50 points on its own which were just enough to push one of my scores over 700 for the first time ever and I know the others are soon to follow.

So the next time that someone talks down to you about having or wanting a Fingerhut Credit account, be sure to tell them that they can do whatever they want to do but you choose to improve your scores across the board by investing in Fingerhut for better credit now and into the future!

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