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9 Easy Ways To Build Credit
2) Establish checking and savings accounts – This is one that gets overlooked sometimes, but lenders like to see stability.
3) Understand some basics of credit scoring – This could be another email in itself, but just remember a couple of quick things… Length of history and balance ratios. Don’t necessarily close old accounts. Try to keep your balance ratios to 30% or less across the board. Three cards at 30% or less is MUCH better for your score than one card at 80%!
4) Apply for credit early in life – Okay, so some of us can’t go back at this point. Still, for your younger clients, having a card early…AND being responsible with it…is one of the best things they can do with their credit profile.
5) Apply for a secured credit card – This is a great way to establish credit. A person deposits money in an account and gets a credit card up to that amount. Be careful to check any fees associated with this type of card. Also be sure to ask the financial institution if they report to all three credit bureaus. Credit unions can be great places to get a secured card.
6) Get a store card – These generally don’t do quite as much as a regular credit card (Visa, etc…), but they certainly can enhance your credit profile and show a clean history.
7) Get an installment loan – A mix of credit types is usually a good idea. Obviously, a car loan is the most recognizable type of installment loan. However, check with your bank on a small personal loan. Even if it’s $500, when paid back on time, this type of installment loan can be a great credit enhancer.
8) Use revolving accounts regularly – If your account is not used within 6 months, your creditor may cancel the account. Even if you don’t need to, use your account for something small to keep it active. Go buy a pizza one night! Just don’t be late on the payment!
Tatyana truly understands the dynamics of selling homes in the Denver Metro real estate market and is an expert at educating her clients so they can make the best and informed decisions for their need....
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