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Forget Coachella FOMO. You're going to Cleochella.
Coachella weekend one just ended and you're feeling the FOMO? F*ck that. You're going to Cleochella for a chance at $500.
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You're invited to my pity party
Raise your hand if you’ve ever felt personally victimized by your credit score. 🙋♀️
Me too. I’m the kind of person who ruminates over past mistakes, feels devastated by slight inconveniences, cries in front of the mirror.
In the continued spirit of self-indulgence, I’m going to tell you about a time my (nonexistent) credit score screwed me out of a big chunk of money.
A few years ago my car broke down in the middle of an intersection and just … died. RIP Big Bertha. The car had been in my family for years so it wasn’t entirely surprising but still.
I was suddenly car-less. And at that time I didn’t have a solid savings, so my best option was to get a loan.
When I went to my bank to apply for one, I got turned down in less than five minutes. The loan officer said I didn’t qualify because I didn’t have credit and was considered a “thin file.”
Awful right? Between that and Target discontinuing my favorite candle, 24 year old me was crestfallen.
Having a thin file basically means you don’t have enough experience with credit to have a credit score. At this point you’re probably wondering, “Wait, how am I supposed to build credit if my bank won’t give me a loan because I don’t have credit?” Yeah, it’s dumb. This is a catch-22 most young people fall into whenever they apply for a mortgage, car loan, etc.
Building credit was not in my purview. Actually, I had always been taught to avoid credit cards/loans at all costs (dad’s a Dave Ramsey disciple).
I had no choice but to take my pennies to a Coinstar each week and rely on other people to drive me around until I saved enough money (~$3,000) to buy a short-term hooptie. It sucked. But eventually I found my temporary rebound car.
The car held me over for about a year, which ✨positive me✨ is thankful for but 💤practical me💤 still fumes over. I realize now that I essentially threw away $3,000 dollars all because I didn’t take the time to educate myself about credit until it was too late.
If I had started working on my credit earlier, I may have gotten approved for a loan and been able to use that $3,000 dollars as a down payment on a reliable car. Which would have saved me more money in the long run since a down payment can seriously bring down your monthly payment and overall interest costs.
It was a main character moment I could have done without, but it all happened for a reason — so I could write this blog and not get fired for missing yet another deadline.
After that incident, I got a secured card to help me work on my credit, which was perfect for me because I didn’t have to go through a credit check to get approved.
Once I signed up and got approved, I used $300 of my own money as my security deposit (which became my credit limit). Then I used the card for groceries/gas/coffee, paid my balance each month and watched my credit climb little by little. Like magic, I started to build credit. 🪄
Now it’s five years later and I’m still directionless. But I have since been approved for loans (car included) and my credit score couldn’t be less bothered.
If you’re in a similar position or just starting out, a secured credit card is the way to go. Why? Bc a secured card may not require a credit check and you could get approved regardless of your credit history. And there’s very little chance of going into debt since you use your own funds as a security deposit.
It just so happens that the ✨Cleo Builder subscription✨ may be able to help you with your credit. Joke’s on you if you thought I was going to end this without plugging the Cleo Builder subscription.
The Builder subscription allows you to apply for a secured card that could help you build credit, plus:
💸 a cash advance of up to $100
💲 cashback on some of the stuff you buy
📈 your credit score and history
Check out the Cleo Builder subscription 👉
✨ Bonus content ✨
Jet to the app and type ‘credit who’ to Cleo to learn more about your relationship with your credit score
Coachella weekend one just ended and you're feeling the FOMO? F*ck that. You're going to Cleochella for a chance at $500.
We’re living in wild times.
They deserve more attention