Self Credit Builder
This is a great company. One of my favorites. Self lender is a credit building company that offers credit builder loans. So when you sign up this is what you can expect.
You'll get a loan in your name for 500 dollars. They report to all the major credit companies. You don't get the money right away though. What happens is you start making payments towards this 500$ loan that you now have. Make sure you make your payments on time, as it can hurt your credit if you don't. No worries though! You can talk to them and cancel if you are ever unable to pay on time for any reason.
Anyway, So you start making minimum payments of like, 25$ or so on this loan. And when you get it up to 100$ you have the option of getting a card sent to you with the money on it. You can spend that money immediately if you need to. However, I would do the smart thing, and get the card, and start making the monthly payments using the 100$ already on the card. It'll stay at 100$ but you'll be making the payments on time which looks great for your credit.
If you don't use that method, you can continue to pay into it with your money, and either spend it right away with the card, or let it build up to 500$ and you got a nice little bonus when you pay it off! You can also opt out of the card and just let the money stack up till you pay it off.
The only downside I would have to say is that the interest rates do kind of cost a bit. However, It's a much much lower interest rate than any other 500$ loan you'll get anywhere. This is definitely where I'd be going for step 2 of building good credit. After a few rounds of Kikoff loans.
If you're ready to take it to this level, check them out here
