Champion Credit Cards » Getting Credit http://blog.championcreditcards.com Credit Cards Fri, 06 Aug 2010 01:44:54 +0000 en hourly 1 http://wordpress.org/?v=3.0 Start Building Positive Credit History in 3 Simple Steps http://blog.championcreditcards.com/start-building-positive-credit-history-in-3-simple-steps.php http://blog.championcreditcards.com/start-building-positive-credit-history-in-3-simple-steps.php#comments Sat, 26 Dec 2009 12:44:04 +0000 ezekielh http://blog.championcreditcards.com/start-building-positive-credit-history-in-3-simple-steps.php Credit history, credit score, credit report– these words will greet you sooner or later when you apply for a loan, mortgage, rent an apartment, apply for a job, or last but not the least apply for a credit card. Efforts towards building a good credit history should begin early, right from the student life. Ironically most of the students are not aware what is needed to build a credit history. In this article we look at three simple steps that can get you a jumpstart towards good credit history.

1. A checking or savings account

Begin with opening a checking account in your name. This is the first step towards acquaintance with banking and financial institutions. The idea is to open a bank account as early as possible, keep it in good standing, and it should reflect financial stability. And yes, the bank account should be in your name. Don’t open and close bank accounts too frequently as this is perceived wrongly by credit reporting agencies. If you open a savings account, the money deposited in it can be used for security purpose when you want a loan.

2. Start paying the bills with your name

You need a mobile right? Go ahead and get a connection in your name and pay the bills so that they build credibility to your name. The way you pay your bills matter the most. If you pay everything on time and in full, a good credit history is waiting for you. The converse is also true. If you start faltering on your bill payments it will reflect badly on your credit history and you will definitely face problems while getting good credit cards and loans on cheaper terms.

3. Get a credit card

Students get numerous offers for credit cards when they enter a college. Some of them get carried away and take a few, and then use them to pay for all kind of things, and end up in debt. This is definitely not advisable. Credit cards are essential to building a credit history but too many credit cards do not build credit history faster. The thing that matters most for credit reporting agencies is how well you are able to repay your debts. Remember any credit card money is a loan which has to be repaid. The less the loan the better it is for you. So, try to get one good credit card and start using it wisely.

These three steps though, look pretty simple can go a long way in building strong foundations to a good credit history that will help you all through your life.

Duran Mueller an expert author and credit card consultant,provides great student credit card tips.Read more credit card articles at his credit card website.
Logo Design
]]> http://blog.championcreditcards.com/start-building-positive-credit-history-in-3-simple-steps.php/feed 0 How Do You Build Credit-Tips for Starting A Positive Credit History http://blog.championcreditcards.com/how-do-you-build-credit-tips-for-starting-a-positive-credit-history.php http://blog.championcreditcards.com/how-do-you-build-credit-tips-for-starting-a-positive-credit-history.php#comments Thu, 29 Oct 2009 13:51:30 +0000 ezekielh http://blog.championcreditcards.com/how-do-you-build-credit-tips-for-starting-a-positive-credit-history.php Almost everyone needs credit. If you are renting an apartment, applying for a mortgage, applying for a car loan, or even applying for a job, you will need some type of credit history, as credit decisions are often based on your prior use of credit. If you are a young adult or are still in college, you have a unique opportunity to start building a solid credit history that can serve you for many years to come. By carefully building credit and avoiding credit mistakes, you can insure a strong credit history.
Although you may not have credit yet, you should try to get a copy of your credit report for the credit bureaus, so you can check if there is any inaccurate information. Additionally, you will want to make sure that you haven’t been a victim of identity theft, with someone using your name and trashing your credit. The three bureaus are: Equifax, Experian and Trans Union, and they can be contacted online, as well as by phone and mail.
One of the first steps to building credit is to open a checking and a savings account in your name. You may already have an account, and it is something many lenders will look at, as it show stability. If you only have a checking account, you may also want to open a savings account as well, which can be used as collateral for a secured loan, if necessary.
You should also have as many bills as you can listed in your name, such as your telephone and cellular bill. Make sure you pay all of your bills on time, as this is a major factor in your credit score. If you can, try to establish the accounts in your name only.
The next step would be to get a credit card. If you are a student, you may be bombarded by credit offers on campus. Its a good idea to get one credit card, so if you find one available with low interest rates and a low or no annual fee, you may want to apply. Student credit cards are mainly designed for people with no prior credit, and they accept a large percentage of applicants. However, don’t get more than one card, as its too easy to start running up balances, and it also looks better for your credit if you don’t open a number of accounts in a short period of time.
If you are unable to get an unsecured credit card, you still have some options to establish credit with a credit card. If you have a savings account, your bank may let you apply for a secured credit card tied to your savings account. Over time, once you make regular on time payments, you should be able to qualify for a non-secured card. You should also make sure your payments are reported to the credit bureaus, otherwise you won’t be building your credit history.
Another option is to get a co-signer. If someone has good credit, that will extend it to you, by putting their name as being jointly responsible for your limit on your card. This will help your credit history if you pay off the loan in a responsible way. If you do have a co-signer, you have a serious responsibility to make sure your payments are timely, or you will hurt their credit as well as your own.
With some foresight, it can be relatively easy to start building credit. Once you get a credit card, its important to keep the balance low, and to make regular, on time payments. The card should be used as a tool for credit building, not as a additional spending money. Over time, you credit will start to look better and better.

Amy Wells writes about consumer finance. <a href="http://www.badcredit.yourtechtool.com/Bad-Credit-Loan/Bad-Credit-Loan.php” rel=”nofollow”>Bad
Credit? Get insider tips on getting a bad credit loan or credit card at: http://www.badcredit.yourtechtool.com
web design cumbria
]]> http://blog.championcreditcards.com/how-do-you-build-credit-tips-for-starting-a-positive-credit-history.php/feed 0