Disclaimer
Anything I say on this blog about this topic it’s based on my personal experiences and research I did to get an answer for myself and I’m just sharing what I have found out.
Seek a professional that does this for a living and is licensed if you need too.
What is a credit score?
Credit score is basically a number between 300 – 850 that lets the creditor know if you are a person that they can lend money to and how good you are at paying back what you borrow.
Why do I need a credit score ?
Credit score is very important to your financial health. It lets creditors know how good or bad you are with your money / financial health. If you are good with money they will lean on you cause they can trust you with money.
If you are bad with money, sorry many creditors will not trust you with their money.
How do I get a credit card for the first time?
When I first moved to the United States to live I had to start from scratch. I had no credit , no bank accounts , no relationship with banks nor creditors so how did I go about getting started? I got a secure credit card from a bank that offers it, not all banks offer this so you have to shop around and most smaller banks offer this but i had a checking account with citibank so i went with them. you could try your bank that you have a checking account with, the process is simple you basically give them a set amount and they will open the credit card for you to that amount you give them in cash. You will use the new credit card for 12 months building a good relationship by using up to the limit or less and pay it off each month after the 12 months they will evaluate your credit report to see how good or bad you did and they will determine on how much they will give you in credit if you did good you will get your credit score raise and they would raise your limit and send you back the amount you give them in cash 12 months ago on the other hand if you did bad of the 12 months they will not raise your limit they would send your cash back to you but keep you at the limit you already have for a next 6 to 12 months to see if you have change and become good but remember this when you are building credit score think of it as a game that you need to bet it to win don’t abuse the credit card to where you are always maxing it out, just pay a few bills on it and then pay the credit card off each month don’t let any balance go over to the next month or else the back will charge you a hefty amount on interest.
My story : I wasn’t earning much at the time so I saved up $300 USD to have as the secure cash amount to give to the bank so I could get the credit card with that limit. At first i wasn’t knowledgeable on the use age so i would max it out and then i had to pay intrest which i quicky learn was stupid to do, so i payed my credit card off and start using a system whereas i only pay one bill and if i need food to eat which i only give myself $50 each month so i already know what the bill going to be and the food so i always pay this every month like clock work at the 12 months mark i was 625 in credit score so i went from 0 to 625 in the 12 months but thats my experience you may have more or less i didnt run my credit score at no crediter or store from the first 12 months and i recommed you don’t .
Real life experience for building credit score.
My wife move to the united states with no credit just as me but as you grow in life you will learn more and i found another way to build credit if you are a couple or you can have someone as a co sign to help you build your credit it’s a great way i will explain in details about those ways.
My wife and i rented a place our first apartment and at the time of signing the lease for the apartment after they ran our background check and make sure everything was good on our side, but this was not intentional , i put my wife as the primary on the lease not even knowing that it was the right thing to do but found out it was the best thing ever for her to build credit. So when you rent a place they look highly on your income to make sure you are making more than enough to pay the rent , they do look at your credit just to see if you are in good standing with creditors and it was so they didn’t look too much on credit for her cause they use mines. So in a way it is a co sign but i heard other people were making good income and rented places based on the income not the credit score, but end up building credit. So if you single and you are about to rent a place look do some research i know most apartment complexes might required to do a credit check but most renter / individual owners don’t really look at credit they do background check and want proof that you can pay for the place each month / income stability , so there options just look for them.
Co sign to build credit score
This way is when someone put there credit on the line to help you build your credit this way is great when it come to buying cars and almost anything for example if your parents co signs for you to buy your car you will build credit that way now there is a very important thing for you to remember here and that is you have to make every payment on time every month because you have your parent credit as rick if you miss a payment or you are late to make your payment they will get there credit score lower and yours too so this is a partnership to help you build your credit , i think you should understand that all the time. But it’s a great way to build your credit.
Where do I check my credit score ?
Your banks already have your information so they could be one the place to check your credit score or you could use a free site call Credit Karma they will check your credit score every week and keep you notify on how you are doing , don’t do everything they recommend when is comes to getting a new card and loan offers just use them for one reason to check your credit score.
What is a good credit score?
Credit score ranges form very bad , bad , fair , good , and excellent.
| VERY BAD | 300 – 560 |
| BAD | 561 – 650 |
| FAIR | 651 – 700 |
| GOOD | 701 – 750 |
| EXCELLENT | 751 – 850 |
if you need help on a credit repair click here and get help from an expert .
I hope this helps you in a great way that you learn something today , please leave me a comment or question I will get back to you. Also please share this with someone, a friend or family that can benefit from this. Thanks very much you have a great and blessed day.
Thank you for another great article. Where else could anyone get that type of information in such an ideal way of writing? I have a presentation subsequent week, and I am on the search for such information.