2017 - Is there a financing product in the US that is build solely to build a good credit score?
-
I would say Credit Card!
Well! it would be an exaggeration to claim that it is built solely to build good credit score, considering how useful it can be otherwise; but it's the most practical and easiest way to build credit score.
Here's how to go about using credit cards to build a good credit score-
- Apply and get approved for a credit card.
- Establish an on-time payment history by always paying bills on or before their due dates.
- Don’t get close to maxing out your credit limit. Pay off your debts each month to keep a low credit-utilization ratio.
- Don’t apply for more credit than you need.
Build credit by becoming an authorized user on someone else’s card, or with a credit-builder loan or secured credit card. Then pay on time and keep credit use low.
Hope that helps!
Please sign in to leave a comment.
Comments
1 comment