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Wondering about the best ways to establish good credit? You've come to the right place.
Did you know that every financial decision you make could impact your credit score? This can affect your ability to get a job, a loan, credit cards, basic utilities and services or to rent an apartment. By making good financial decisions, lenders and businesses will recognize you as low-risk. You'll be more likely to receive financial opportunities, including higher credit limits and lower interest rates.
How to build a strong credit history:
If you don't qualify for a store charge card or credit card, open a loan secured by funds held at the bank, such as a CD to establish a credit history. Before opening take a loan, confirm your payment history will be reported to the major credit reporting agencies.
Other strategies include having someone cosign on your account or installment loan. You can also become an authorized user on a family member’s account. Credit activity on the shared account will be reported in the primary cardholder's name and may be reported in the authorized user's name. It’s important to use caution as poor decisions may affect both you and the primary account holder. Make responsible decisions with your credit cards and loans. Be sure to pay bills on time. All unpaid bills, including credit card, medical, cell phone, etc. will appear on your credit report and negatively impact your score.
How to rebuild your credit score:
Use caution if creditors offer to "reduce" or "skip" payments. Although paying any amount, however small, is better than not paying at all, reduced payments may negatively impact your credit score. To save money, try paying off delinquent accounts first followed by debts with higher interest rates. Talk to one of our loan experts about a debt consolidation loan to pay-off higher rate credit card balances. This can save you money and allow you to pay off debts sooner.
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