If you’re not already an established credit user, it can seem like an elite club the bouncer just won’t let you into. So many of life’s biggest purchases – like a home or a new car – take credit in your pocket to become a reality. But how can you jump the line and cross over into the credit user club? There are a few strategies that can help you ease your way without getting in over your head.
If you’re in college and just starting out on your own, or maybe you’ve recently emigrated, it’s important to start establishing your credit history as soon as you can. Since minors can’t apply for credit, and an overseas credit history doesn’t follow you to the U.S., building credit from scratch can be a challenge. Lenders and others might be worried when they don’t see a credit history for you. The good news is that there’s steps you can take you can take to get started establishing your credit. Like any good investment, the payoff won’t happen right away but the end result is well worth the effort.
How can you take the first steps on your credit journey? Here are a few solid ideas to get you going:
Establishing good credit now can help you show potential lenders that you know how to use credit wisely when the times comes for you to mak a big purchase in the future. And having access to the credit you want when you need it most can put achieving your financial goals within reach.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc., an Experian company. © 2015 ConsumerInfo.com, Inc. All rights reserved.