5 Easy Ways to Start Building Credit

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5 Easy Ways to Start Building Credit
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1 Take Advantage Of Online Tools

• Building credit from scratch isnt as hard as you
  might think. You can start building credit today
  with just five simple actions.

An easy way to start building credit is by taking
advantage of online tools. Sites like Redd Ink
Credit offer an improvement of your credit score,
plus other goodies, such as personalized tips on
how you can improve it. If you have a co-signer,
like a parent or a partner, and you arent yet
able to get approved for things on your ownyou
can open up joint accounts with them so you have
access to credit sooner than later. (Just be sure
not to abuse it!) You can even use an app called
Earn Up that links directly with your bank
account and lets you earn cashback on everyday
purchases from places like Target or Walmart
those payments are then automatically deposited
into your account. Over time these small deposits
will help build up your credit score.
2 Know Your Options
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3 Understand Your Credit Score

• There are several options when it comes to
  building your credit. One is to take out a
  secured credit card, which requires you to put
  down a security deposit, typically equal to your
  spending limit. Another option is asking an
  existing creditor for a line of credit on top of
  what you already have. Keep in mind that using
  someone elses money will increase your interest
  rate and may not be worth it if you dont plan on
  paying off the balance right away. If neither of
  these options sounds appealing to you, then
  checking into a secured credit union might be
  best because they tend to offer lower rates than
  most banks. Other alternatives include borrowing
  from family or friends, financing education, or
  even refinancing your mortgage (which can boost
  your score by reducing debt). Whatever option you
  choose, remember that establishing a good credit
  history starts with understanding all of them and
  picking one that works for you.

Before you can start building your credit, you
need to know how it works. Your credit score is a
number that helps lenders understand how likely
you are to repay the debt what makes up your
score will vary depending on whos asking.
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• But, at its most basic level, it can be broken
  down into five key factors
• Payment history (35)
• The amount owed (30)
• Length of credit history (15)
• New credit inquiries/applications (10)
• Types of credit used (10).

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4 Know What Factors Into Your Credit Score

• A healthy mix of these elements is a good place
  to start when planning out your strategy for
  building credit. Its also important to have an
  idea of where you stand with your credit before
  shopping around for credit cards or loans
  without knowing your current standing, other
  players in the field have no idea where they
  should put their money either. For example, if
  banks see that consumers are paying off their
  debts and using a variety of different accounts
  responsibly, they may be more willing to offer
  low-interest rates on loanswhich could help you
  save big later.

Credit scores are one of those mysterious,
misleading numbers you often hear but never
understand. While your age doesnt affect your
credit score directly, it does impact how long
youve had a particular line of credit open
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5 Dont Close Credit Cards You Dont Use

• It takes about 2 years for an account to show up
  in your report, meaning that if you have many
  accounts open within a short time, it will throw
  off your ratio. Be sure to know what goes into
  calculating your credit score before starting
  down any paths towards building or rebuilding
  yours. Doing so can help ensure youre maximizing
  your efforts while achieving positive results.

The number of credit cards you have isnt as
important as how many you use regularly. Closing
a card can hurt your credit score, so dont close
a card just because it isnt active. Make sure
your payment history is up-to-date by using your
card every once in a while (even if its just for
a small purchase) and watch your credit scores
rise with each passing month. And remember You
dont need an official credit building reason to
use your card.
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• Dont let those zero-percent teaser APRs pass you
  byjust make sure you pay off your balance in
  full when that special deal ends. You dont want
  to be saddled with high-interest payments down
  the road! Pay on time! Being late or missing a
  payment will damage your credit in no time flat.
  Just like closing an account lowers your overall
  credit limit, missing payments hurt your average
  account age and length of credit history, which
  are just as important. Try setting reminders on
  your phone calendar whenever its due date time
  then stick to them! Consider student loans part
  of regular debt If youre fortunate enough to
  qualify for student loans through education
  programs like Stafford Loans or Perkins Loans, go
  ahead and take advantage! Just know that repaying
  these loans should be considered part of regular
  debt along with mortgages, car loans, and
  everything else.

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Contact us -

• Address - 1312 17th Street Unit 2001 Denver, CO
  80202
• Email - reddinkcredit_at_gmail.com
• Phone - [phone]
• Website - https//www.reddinkcredit.com
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  o-start-building-credit/