Help In Establishing Your CreditHere are some points to consider when establishing your credit.
- Open and maintain checking and savings accounts.
- Save some money and purchase a Certificate of Deposit, then borrow that money back from yourself. (Be sure to make the payments.)
- Be careful not to become overextended. Borrow only the amount you can re-pay in full when you get the bill.
- Be patient. This is going to take a little time. Once your credit is established, be particular with how you use it.
- Apply for local department store or automotive charge accounts. (you need to change your oil every 3,000 miles. Get a Firestone card and put that expense to your gain.)
- Apply and maintain a major credit card. Example: Visa, MasterCard, J.C. Penney and Sears, even if you need a co-signor.
- Having credit is a privilege, not a right.
- Once you have it, don’t abuse it.
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