Are you or one of your loved ones currently enrolled in college or about to enter the workforce for the first time?
If so, it is probably time to start thinking about building a positive credit score.
Here are some of the best ways for a young adult to bump up those numbers! :)
Start by applying to the three major credit bureaus to check your credit score.
It is likely that you don't have much in the way of credit history, but that's OK – it's still a worthwhile endeavor, because knowing where you stand now is the first step to taking the action toward improvement.
From there, you can move on to the fun stuff – like opening a student credit card ;)
These will typically have a lower credit limit and a higher annual percentage rate, but will also not require an extensive credit history for approval.
Alternatively, you could apply for a secured credit card.
These cards reduce lender risk by requiring you to put money down as a deposit.
As a result, these, like student cards, are easier to obtain with a thin credit file, and allow you to build your credit history as you make purchases and payments.
Once you’ve secured one of these cards, make sure to make your payments on time, and don’t over-utilize your credit.
With these tips, you can begin to build your credit score today!
If you would like to learn about credit scores, get advice on how to improve your credit, or require professional assistance to repair your credit score, feel free to drop by our office or reply directly to this email to get in touch with us :)
