CALL NOW! (866) 655-4411
HomePersonal CreditBusiness CreditResourcesEducationTestimonialsAbout UsContact UsLogin
How It Works
Credit Education
Careers
RPSMixer Events
Credit Monitoring
Secure Credit Cards
Rental Reporting
CE Classes for Realtors
How much is your bad credit costing you?
Pros vs Cons of Renting versus Buying

RECOVER Your Credit Profile!

Contact our experts today to find out how we can help you realize your dreams and change your life!
Contact Us Today

Recent Success Stories

 {module_webapps,18025,a}

How to build credit the smart way

Friday, August 15, 2014

A great way to build credit is by making on-time credit payments every month.

How to Build Credit with a Credit Card
Any credit card, including a secured card, works well for this. Just choose a routine monthly expense, charge it on your credit card and pay the account in full each month.

Payment history makes up 35 percent of your credit score, so making a series of on-time payments can really help your score.

A secured card is a good option for consumers with no or very little credit. After a year or so of on-time payments, you’ll build enough credit to qualify for an unsecured credit card.

How to Build Credit without a Credit Card
Another option for building credit the smart way is through a credit builder loan from a credit union.

A credit builder loan is an installment loan with terms ranging from six months to 18 months. Because credit builder loans are reported to one or more of the three national credit reporting agencies, on-time payments of the loan will build up your credit.

It’s a good idea to choose a credit builder loan that reports to all three credit reporting agencies — Equifax, Experian and TransUnion. That way you’ll get the credit for your on-time payments in credit reports from each of these companies.

With a credit builder loan, a lender places the money being borrowed into a savings account on your behalf and you pay off the loan through a series of monthly payments. You get access to the money in the savings account when the loan is paid in full.

So with a credit builder loan, you build credit and you build up some savings, too. Loan amounts for credit builder loans may be small, just $500, so you won’t need to struggle to make monthly loan payments.

Just be sure to make those payments on time each month. If you don’t, late or defaulted payments will be reported on your credit report. And you’ll wind up hurting the credit you’ve been working so hard to build.

Building good credit takes time. Monitor your credit standing using Credit.com’s Free Credit Report Card. You’ll get a free credit score and you can check your progress every month.

Via Credit.com

Comments

Post has no comments.

Post a Comment




Captcha Image


Trackback Link
http://www.risingpointsolutions.com/BlogRetrieve.aspx?BlogID=12805&PostID=1324763&A=Trackback
Trackbacks
Post has no trackbacks.

 

PREPARE FOR A BETTER TOMORROW!
FREE E-Books! Enter your details below
Enter Word Verification in box below
Captcha Image


RECENT POSTS
BLOG ARCHIVE
BLOG TAGS
Copyright 2014 - Rising Point Solutions - All Rights Reserved | Privacy Policy & Affiliate Disclosure

Disclaimer: Improvement of your credit score and/or particular results vary per client. We cannot guarantee any results or improvement as stated in our Guarantee Disclaimer. Following our best results practices and educational consulting, we do typically see improvement in credit scores.