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Building Your Credit Score from Scratch

Building Your Credit Score from Scratch

: Richard West Law Office

Credit score is becoming more and more important in today’s world. Renting an apartment, buying a car, and other big, important expenditures can be difficult or impossible if you have bad credit. However, did you know having no credit can be almost as detrimental as having bad credit? If you’re an adult without a credit score, now is the time to begin working on it.

Business Man Build Credit Score Rating UpThe best way to begin building credit is to always pay your bills on time. This means in particular your mortgage, loans, and credit card bills. In particular, be sure to keep your credit card debt low. It’s fine to use your card regularly, but you should avoid spending money you definitely don’t have. If you don’t have a credit card, it’s time to get one. You should get a credit card for low or no credit, which means a secured credit card is the best option. This usually involves a down payment.

You want to keep your bank accounts open for as long as possible, and avoid opening new accounts frequently. This boosts your score and makes you look more reliable.

Checking your credit score regularly is a good way to stop problems before they become too big. There are many options for inexpensive credit score services online. Your bank may offer free credit score since you have an account.

Maintaining a good credit score is key to being able to easily manage your finances. These first steps for building up your credit can help you get started.