Getting your hands on a credit card can be tricky, especially if you have never had credit or you damaged your credit reputation in the past.
Build My Credit Credit Card
One needs to have a credit history to get new credit you can build a credit history unless you already have credit. As confusing as these rules may sound one can learn how to work around them. Before learning how to build credit history one should keep in mind some things to avoid. Firstly, stop applying for credit cards.
If you don’t have any credit history then it is useless to own multiple cards. This only results in the decline of credit scores. Secondly, don’t bother getting a loan with a co-signer just for the sake of building your credit. Before the recession this was a tactic many people used successfully but these days creditors are much more interested in you proving that you are responsible with your money and not just your parents or good friends.
The answer to all these problems is applying for a secured credit card, to build my credit credit card. Secured credit cards prevent one from getting into debt since cash is provided for one’s line of credit upfront. Thus when one uses these cards he/she is basically using the money the money they have deposited earlier and this credit activity is directly reports to the three credit bureaus. Before getting a secured credit card keep some tips in mind.
Ensure that the credit activity on these cards is reported to the three credit bureaus. Most but not all secured credit cards report one’s activities. Secondly, make your payments on time. The easiest way to ruin your credit is to make late payments. Next, don’t max out your credit. Try to spend 30% below your credit limit.
Another thing to keep in mind is to choose a card with low fees. Lastly, remain patient and diligent. It usually takes up to 6 months for a secured credit card to build a history. So be prepared to wait a while before applying for a real credit card or a loan. Unfortunately it is really easy to destroy your credit with a handful of bad decisions but building a positive credit from scratch takes time. You will have to be a little patient to reap the rewards of build my credit credit card.