Having good credit is critical when it comes to getting a home or a car loan. Sadly, many young adults have less than perfect credit or no credit at all. This can make major purchases difficult and costly.
If you have a young adult or child close to becoming an adult, you can take some steps to help establish their credit. Here are seven steps that you can take starting today.
Even if we don’t see it or think about it often, a credit score is an essential part of our lives. It’s a very important financial measure as it is used by a variety of businesses to assess the risk you pose. Lenders use this score to decide whether to give a loan and what terms to offer. A bad credit score could result in much higher interest rates. Utility or mobile phone companies may use your score to decide what kind of deposit will be required when doing business with you. Landlords may use credit scores when deciding whether or not to rent to someone, and employers sometimes check the credit history of job applicants.
Have you recently checked your credit score and noticed it had gone down? Don't be worried or frustrated. Credit scores fluctuate both up and down on a regular basis. Changes by a couple of points is no big deal. However, a significant drop or a downward trend might be something to check to discover what happened and why. Let's look at a number of potential explanations.
Have you ever thought about what it would be like to be invisible? When it comes to your credit rating, you do not want to be invisible. Being “credit invisible” doesn't necessarily mean you have not had any credit activity; it means that the activity you had was not reported to any of the three major credit bureaus. Without a credit score, it can be challenging to qualify for loans or even credit cards because a lender cannot assess your credit risk.
If your credit score is low, you may be uncertain about whether or not you are eligible for a personal loan from a traditional lender. Having bad credit can prevent loan approval from traditional lenders, but an online personal loan from an alternative lender could be your best option.
One of the most important numbers in your life is your credit score. Do you know what it is? If not, you’re not alone. Millions of Americans are in the dark about what their credit rating is, and the ways it affects different aspects of your life.
If you are one of the millions of Americans with a poor or below-average credit score, have no fear! There are a few ways that could help rebuild your credit score over time. All it takes is a little planning and forethought. We have compiled a list of easy tips to help you get started.
It is not uncommon for people to look at their checking accounts and wonder where all their money has gone. Life is full of expenses, including seemingly small ones that can really add up at the end of the month. Debt can become overwhelming if you find you need a loan to pay back other debts as payday loans or credit card bills. Without a personal finance system in place, it can be really easy to allow your monthly bills to overshadow your income.
It’s simple: The better credit you have, the better your financial life can be.*
On the other hand, if you have poor credit, you could have trouble getting a loan. If you do get one, it may have hidden fees or high interest rates. Having poor credit could make it more difficult to rent an apartment or get a cell phone contract. You may pay higher insurance premiums, too. While you can’t completely fix your credit score overnight, there are some things you can do today to start improving it.
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