Credit Building Tips

You can improve your credit by following a few common credit tips we cooked up. They are not hard to follow, and they will help you build credit in no time.

 

 

Easy Tips

 

1. Review your credit report regularly. Get in the habit of checking your credit report regularly (at least annually). You are entitled to a free credit report from all three credit bureaus once per year, so take advantage of this opportunity. Review your credit report for errors and dispute any erroneous information. Such errors might be unnecessarily dragging down your score.
2. Keep a current checking or savings account. Creditors view these kinds of accounts as a sign of stability and responsibility, so make sure you have one or both of them. Free checking is almost an industry standard, so you can find a good deal if you shop around at different banks. A current checking or savings account will also help you secure a payroll loan.
3. Think about a co-signer. If you do not qualify for a credit card or loan on your own, you might do better with a co-signer with good credit. The best part of having a co-signer is that his/her good credit partially becomes yours. That means you have a great opportunity to boost your score by piggybacking on someone elsels credit for a while.
4. Get a secured credit card. When you cannot qualify for unsecured credit cards, think about starting off with a secured card. Make sure you get a secured card that reports your activity to the credit bureaus so you have a chance to rebuild your credit. The best secured cards turn into unsecured cards with more favorable terms after you demonstrate responsible use and payment behavior for a certain period. A secured card can also be a great alternative to a payroll loan in emergency situations.
5. Use your credit lightly but regularly. Keep your balances low and pay them off every month. You want to keep your balance-to-limit ratio as low as possible.

If you have any questions please visit our frequently asked questions page for more information.