Good Credit is not just for people 21 and over, once your child turns 18 there are a few things that you can do to set them up with having a great credit life
Once they get a job or start College you can add one or two small tradelines to their credit report and then they can get a few starter credit cards to help them build their credit. Both Capital One and Discover both have credit cards for college students. Matter of fact quite a few companies now have credit card offers for college students. Teach your kids about the powers of good credit at an early age and when they are ready for a car or home purchase it will make the process go so much smoother Visit or call www.qualitytradelines.com 323 776 6424 we have many low cost tradelines to help your teenager get started on the road to great credit
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Pay Every Single Bill on Time, or Early, Every MonthPlease understand one thing; paying your bills on time each month is the single most important thing you can do to increase your credit scores.
Depending on the credit bureau, there are 4 or 5 main items that determine everyone’s credit score. Of those items, your history of paying bills makes up about 35% of the score. THIS IS HUGE! Paying your bills on time shows lenders that you are responsible. It will also spare you from paying late fees whether it is a charge from a credit card or an added fee from your landlord. Use a calendar, or a phone app, or some other organized system to make sure that you pay your bills on time every single month. Credit Cards: Lower Balances Are Always BetterAnother big factor in calculating a credit score is the amount of credit card debt. Credit bureaus look at two things when analyzing your credit cards. First, they look at your available credit limit. Second, they look at the existing balance on each card. From these two figures an available ratio is developed. As the ratio goes higher, so too will your credit score increase. Just Like Your Investment Portfolio, Diversity is Better When it Comes to DebtPeople that have credit scores above 750 have a few things in common. First, they have credit for a few years. Second, they keep their credit balances low. Finally, they have different types of loans beyond credit cards. Having a mix of credit card loans, installment loans, and even student loans that are all paid on time shows the lender that you are a good risk. Installment loans are usually for large purchases such as a car, boat or a home. If you are in the process of improving your credit scores in hopes of buying a home, having an installment loan will help you greatly. It shows lenders that you can make a fixed payment, month after month, while also managing your other bills. Summing Up How To Improve Your Credit ScoreWhen reviewing all of these tips and applying them to your situation, keep one fact in mind. This is a marathon, not a sprint. It will take some time to improve your credit scores. Focus on the day-to-day activities you can do to improve your score and don’t worry everyday about the credit report. With a bit of discipline and hard work you will see that your situation is improving Contact Us For More Information. We Can HELP You Grow Your Credit Score 323 776 6424 www.qualitytradelines.com/contact |
QUALITY TRADE LINES
WE PROVIDE TRADE LINES & HELP YOU GET FUNDING WITH CREDIT CARDS AND LINES OF CREDIT Archives
June 2019
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