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My Money Monday, March 26 - How to build credit and get a credit score

Here are some tips.

Posted: Mar. 26, 2018 2:34 PM
Updated: Jun. 20, 2018 2:03 PM

Link: https://www.firstalliancecu.com/blog/what-it-takes-to-get-a-credit-score

Q: Building credit is important, what are some ways people can begin to build credit?

A: We actually get this question a lot. Building a credit score is pretty easy. You need three things: one trade line, six months of payment history, and activity on that trade line in the last six months.

Q: What is a Trade Line?

A: A trade line is any credit account, like a vehicle loan or a credit card. These are the different accounts that show up on your credit report.

Q: What is the easiest way to build credit?

A: When building credit, we recommend applying for a credit card with a manageable limit. Then to build your payment history, begin charging items that you know you can pay off monthly, like gas or groceries. Make on-time payments, and ideally, pay off the balance each month for six or more months. Before you know it you will probably have reasonable credit score.

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