It’s close at hand. There are several effective ways to build credit
Foster City, California – October 6, 2021 – CardRatings.com, one of the leading credit card comparison sites, is releasing a new resource to explain how building a strong credit history is vital to achieving a positive credit score: How to Improve Your Credit Score credit when you have no credit.
“It’s hard to get the trust of a lender before you become a qualified borrower,” says Brooklyn Lowery, editorial director of CardRatings. “Once a consumer is seen as a trustworthy borrower, more premium credit products, lower interest rates, and additional borrowing opportunities emerge, but some readers admit they don’t know how. achieve it ”
In the new report, CardRatings demonstrates the connection between improving a credit score and building a credit history, and how to do both effectively.
The time it takes to establish credit depends on the rating company; Both FICO and VantageScore use systems ranging from 300 to 850. Scores can start slowly, but increase over time by using credit products responsibly. Payment history, credit usage, and length of credit history are some of the factors used to calculate a credit score.
Higher scores translate to better terms and the ability to qualify for items like auto loans, credit cards, and mortgages.
CardRatings explains several ways to create credit without a credit history:
- Secure or student credit card. Many issuers, such as Capital One or Bank of America, offer secure cards. Many banks also offer student credit cards for which they relax some restrictions.
- Retail or gasoline credit card. A few accounts that are used responsibly, like a retail or gas card, can help create a healthy credit mix.
- Relationships. Opening a checking or savings account at a local bank or credit union could make it easier to approve a short-term credit card and potentially support future approval of a car loan application. or mortgage.
In its new resource, CardRatings provides advice to those who have experienced a drop in their credit score.
“Even with the best of intentions, credit errors can happen,” Lowery concludes. “The good news is there are ways to get back on track.”
CardRatings is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance market technology and services to the financial and home service industries. QuinStreet is a pioneer in providing online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. CardRatings is a member of the expert research and publishing division of QuinStreet.
CardRatings has innovated in online credit card ratings and has been offering independent ratings and reviews of credit card offerings since 1998. The website collects and maintains data on over 700 credit card offers and carefully compiles objective lists of the best credit cards by card type, making it easy for consumers to find the right card to meet their needs. Sign up for the bimonthly newsletter here.
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