Even I am a Realtor and facilitating the home buying process is my main job, credit score is a term I discuss with my clients very often, especially if they are planning on buying a house in the next months. I am not a financial advisor, so please feel free to talk to your banker or personal finances advisor in case you have any deeper question about these 3 easy ways to start your credit score.
- Get a secured credit card
It requires you to bring to the bank cash deposit and the bank in exchange for that deposit will issue a credit card using the funds as a back-up of the line of credit. This reduces the bank’s risk and allows you to start your credit score
2. Get a secured loan
Have you been saving to buy that car for cash? Instead, go to the bank and ask for a loan to buy a car using the cash you have. This loan will allow you to start your credit score.
3. Get credit for the bills you already pay
Do you have a cell phone bill? Maybe a utility bill is on your name? There are sites that make sure those payments are reported to one or more bureaus of credit.
If you go for one or more of these ways to start your credit score, make sure you practice good habits when you manage your credit. Always make your payments on time, use max 30% of your credit line, do not apply for other cards or loans and keep your accounts open.
If you or somebody you know is looking to buy or sell real estate, I will really appreciate your business and / or the referral.
Clarisa Moody
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