5 Tips For Establishing CreditOpen A Bank AccountOpen a bank account and use it responsibly. This is a good first step tp establish a financial history.Secured Credit CardApply for a credit card.
Tips For Establishing Credit
5 Tips For Establishing Credit
Open A Bank Account
Open a bank account and use it responsibly. This is a good first step tp establish a financial history.
Secured Credit Card
Apply for a credit card. Shop around & only apply for a card if you can meet the lender’s requirements. Responsible use will help build a good credit history. A secured credit Card is a good option if you can’t get approved for a regular card.
Get a Co-Signer
A good way to establish credit is to piggy-back onto someone who already has a good credit history established and is willing to co-sign but be aware that any default of credit on your part affects the credit of the co-signer.
Store & Gas Credit Cards
Since some gasoline credit cards are not revolving they are sometimes easier to obtain than regular credit cards. Similarly, department stores offer revolving credit for a specific purchase and this is sometimes easier to obtain. It is also a helpful way to establish credit.
Once you have obtained revolving credit accounts. Be sure & use them wisely. Pay on time and keep your balances low. Balances of less than 30% of the limit should keep your credit score on track.
Information Provided by:
Shelly Cohn – Pilgrim Mortgage
Don't Forget to partner up with a realtor and a lender to get you on the right track to accomplish your homeowner goals.
Claudia Salinas is a licensed Realtor® and proud homeowner in the great city of San Antonio. She has been in the customer service and the sales industry for over 10 years. She brings the same passion....
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