Sell Your Home Quick and Easy! | No Hassles, No Fees & No Banks‎
 
  • Home
  • Sell Your Home
  • Buy A Home
  • Homes for Sale
  • Contractors
  • Investors
  • Realtors
  • About
  • Contact Us
  • Blog
  • FAQ

11/16/2018

Building Credit 101: Tips for Recent Grads

0 Comments

Read Now
 
On Point Homevestments

Your diploma represents a vital step on the road to success. Next up: establishing a good credit history.

If you’re a recent college grad, you’ve likely heard speeches about pursuing your passions and believing in yourself, but you probably haven’t heard much about establishing a good credit history. Here’s what you need to know.

It matters — a lot

Qualifying for mortgages, auto loans, apartments and even jobs has become dependent, to some degree, on your credit history.

Find out where you stand

The first step is knowing your current status. Access your credit report by visiting Annual Credit Report.com. Make sure all the information on the report is accurate, because errors can — and do — occur. Damaging discrepancies need to be corrected right away.

Build a credit history

Your credit history is one of the key factors making up your credit score, the all-important three-digit number that determines the rates you pay on everything from credit cards to mortgages to auto insurance.

The best time to build a credit history is when you’re young, and the best way to start a credit history is to get a credit card. This may sound counterintuitive, but if you don’t have a credit card, the scoring system has no information to go on for assessing your creditworthiness, so you come across as a credit risk.

Research credit card options

While many of the major issuers offer cards geared toward new applicants with little or no credit history, you might stand a better chance of getting a card at a credit union. Size up your card options on a site such as LowCards.com.

Gas cards and department store cards are also typically easy to get and can be a good place to start if your options are limited.

Another possibility — especially if you don’t have any credit history or your credit is damaged — is to get a secured card. These cards work just like a regular credit card, except that you place a security deposit with the credit card issuer to obtain one. They typically require $200 or more for the deposit, and this amount becomes the credit line for the account.

Use credit responsiblyThe way to keep your credit score high is to spend responsibly within your means. Don’t use more than 30 percent of your available credit, and pay off your balances in full and on time every month. Your payment history contributes to 35 percent of your credit score, so this point is important.

Chip away at student loans

Student loans are a form of debt, and are therefore taken into account as part of your credit score. And while you may be worried about a lender seeing all of this debt (likely tens of thousands of dollars), there’s no need to be concerned if you’re handling your finances properly. Just be sure you’re managing your debt obligations and repaying them on time, every time.
On Point Homevestments

​On Point Homevestments

Share

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

Details

    Archives

    February 2019
    January 2019
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015

    Categories

    All
    Buying A Home
    Construction
    Costs
    Counter Offer
    Exit Strategies
    Fees
    Fix And Flip
    Home Equity
    Home Improvement
    Info
    Investing
    Loan
    Marketing
    Negotiating
    Real Estate
    Real Estate Investing
    Rehabbing
    Rental Property
    Renting
    Selling A Home
    Tips
    Websites
    Wholesaling

    RSS Feed

Company

Home
About Us
Contact Us

Services

Sell Your Home
Buy A Home
Homes For Sale

Support

Contractors
Investors
​Realtors

Additional Info

FAQS
​Blog
Privacy Policy

CONNECT WITH US

562-485-9555

© COPYRIGHT 2019. ALL RIGHTS RESERVED.
Possibilities
  • Home
  • Sell Your Home
  • Buy A Home
  • Homes for Sale
  • Contractors
  • Investors
  • Realtors
  • About
  • Contact Us
  • Blog
  • FAQ