How the fudge do you build up Credit the proper way?
I’m a college student and I’m trying to build credit. I want to get a new car later on so I’m trying to build up Good Credit. People tell me to open up credit card accounts, but to only spend like twenty dollars on each and leave it. Any advice on how to build good credit?
Join your local Credit union and develop a regular habit of savings
You can even have a portion of your pay check direct deposited into your savings account each payday.
After you have established this, apply for a small loan, several banks have beginner loans for 1st time borrowers. 500-1000.00
Take the money and put it in your Savings account.
Earn interest while you make timely payments each month from that account. Pay off timely and quickly.
Pay extra each time.
then the next time apply for a small car loan and see if you get PRE APPROVED for a certain amount , then go shopping and buy a better car… just remember taxes and insurance…
My Credit union allowed me to break my payments into small weekly payments of $75.00 which they automatically took out of my savings
account, I had $100.00 each week direct deposited to my Savings account. $25.00 for savings, rest for Car payment, never had to worry about a car payment being late or writing a check for $300.00
Very simple and builds good credit.. WITHOUT bad debt like a CREDIT CARD. Then when I did get a credit card I got it through my
Credit Union at a lower Interest rate, I tried not to carry much of a balance, and I paid it off every month, I used for Gas sometimes or
gifts but I didn’t run it up.
It was just for Emergencies, the problem is people think, OH I’ll just Charge it and forget they have to pay for it and get in trouble.
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