Lots of my friends are just now starting a new chapter in life. They are getting out of College, getting their first jobs and moving to new city's. They normally rent a place for six to twelve months then start looking for a home to call their own. Which is normal, but it isn't as easy for young people to obtain a loan as it was just a year ago. Creditors are getting tighter with their what they are requiring, which is making it harder and harder to obtain a loan. Here are a few good ways to get your credit rolling.
- Start a savings account. Most people already have a checking account but not a savings account. You really don't need all that much money in it you just need to have it. Creditors will like the fact that you have money set aside.
- If your like me when you graduate college your still driving the same car you had in high school and you hate it. So your going to want a new one since your now making real money and can afford the payments. Make sure you purchase something that you can make double payments on and have your parents co-sign for a car loan and pay it off as fast as possible. Don't make just the minimal payments, pay it off aggressively. This will be the start to actually producing good credit.
- Before you even graduate college open up a credit card. You don't need a huge limit and defiantly don't carry a balance on it just have it. Put just a few purchases on it a month and pay off the balance every month.
If you follow these three things it should get you started on producing a good credit score. Once you have established credit and are looking for that first home call me and I can help you find your first home!
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