google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0
More

    How To Build Your Credit Card Credit History


    Throughout your life you’re the history of your credit repayment will follow you. Ensuring, therefore, that you have a good prior history of borrowing money is vital. Insofar as credit cards are concerned, the following is a brief guide to how to build your credit card credit history.

    If you have never financed a purchase on credit previously, applying for a credit card can be a little tricky, as the issuer will have no record of yours to judge whether or not you are a credit risk or safe to lend to. As such, before you apply for any of the major credit card issuers, you’ll likely need to apply to either a minor credit card issuer, such as the store, or apply for some form of hire purchase, such as a car loan or to buy a television. Once you have done this, it is then very important that you make the repayments timely and in full.

    Provided that you do pay your statement invoices on time and in full, you’ll start to create a good credit history. Obviously no lender will take one payment as evidence of your capabilities to repay your debt on time and in full. However, so long as you continue to this for a period of time, even a relatively short period of time, such as three or six months, you’ll then start to find that other lenders are willing to lend you money based on your good credit history.

    If applying for a store card or hire purchase loan does seem an acceptable way for you to create a good history of credit, an alternative you can consider is a secured credit card. Essentially a secured credit card requires you to maintain your credit card from a bank account and the limit of your credit will be a percentage of your account holdings. While not strictly a credit arrangement, the issuer then gets to see that you have the capabilities to repay the credit.

    Keep in mind that your credit rating will be essential to any credit card application you make. Consequently, before applying for a card you should really make an application to a credit rating agency to ensure that you have managed to build your credit card history up sufficiently not to have too much difficulty applying. In the event that you think the credit rating report is wrong, you should immediately set out the reasons why you think this to the agency so that you can correct any errors in your history before you apply for the credit card.

    Read Related Articles:
    How To Build Up Your Credit Rating
    Credit Cards And Your Credit History
    How To Repair A Bad Credit History

    Source:
    https://www.creditmergency.com/build-credit-card-credit-history/





    Source link

    Recent Articles

    Bessent’s 3-3-3 “Plan” in the Context of 2024Q4 Advance GDP Release

    Actual hit GDPNow nowcast of 2.3%, q/q AR (see Jim’s post for a discussion) Still, achieving Treasury Secretary Bessent’s 3% annual...

    How Aussie home prices have changed amid interest rate hikes

    Home prices in most suburbs across Australia have increased since interest rates started to rise in 2022 in a move that defies the...

    Gramm’s and Summers’s Open Letter in Opposition to Trump’s Tariffs

    Because the full text of the letter is now available free of charge by simply clicking this link, I share here the letter...

    10 Most Expensive Cities in Oregon to Buy a House

    Oregon is known for its natural beauty and is home to many desirable cities to live in. Whether you’re looking at homes for...

    Visa earnings beat Wall Street estimates on strong holiday spending | PaymentsSource

    UPDATE: This article includes executive and analyst commentary. Visa's diversification strategy includes a push to gain a larger...

    Related Stories

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    Stay on op - Ge the daily news in your inbox

    google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0
    google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0