5 Tips for Credit Builders and College Students to Build Credit

Five Frequently Asked Questions from College Students:

1.I just got my SSN, what is the best way to build my credit and get my first credit card?

Congratulations！ You just got the most important thing to build your credit—Social Security Number(SSN). For the beginner, it’s tough to get the credit card with great rewards, which will require an excellent credit. However,  most people can get the student credit card or some credit card design for credit card builders, such as Capital One, though the credit line normally around $500.

2.Keep Balance Low

To raise your credit score, you should control your credit card utilization under 20%; if you don’t have enough credit line, just pay the balance after you spend, in this way, you can keep your card utilization always being under 20%.

For example, if your credit limit on your card is $500, don’t allow your balance to exceed $100 at anytime during your billing cycle. If you have to use your credit card a lot, just pay the balance in advance.

3. Don’t Pass The Due Date

Always pay your bill on time. Missing payments is one of the worst things you want. Paying bill on time is one the efficient way to improve your credit.

Paying your credits more than once every month will increase your credit score more quickly.

4. Installment Loans to Build Credit

If you just graduated, get an auto loan via the graduate program well help you increase score.

If you are still in the college, getting a student loan is great for you, because that show you are reliable borrower when you can pay your loan every month on time.

5. Take Your Time

It takes time to build credit,  there is no way to improve your credit in one night. That’s why credit card is a great tool to build your credit. They will give you a powerful way to build a strong credit history.

The best way to manage your credit, is always pay on time, pay the full balance never miss a payment or carry a balance or pay any interest to build credit.