credit cards

How to Build (new) or Rebuild (existing) Credit

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Mastering the Basics  One of the keys to mastering personal finance, is to learn how to establish and maintain an above average FICO Score. I speak more about FICO scores in the course on Understanding Your Credit.

Let’s face it, if your credit is less than perfect, or you have no credit at all, life can be downright depressing. “How can you get credit when no bank will approve it because you don’t have any?!” I hear this a lot from the youth I mentor. I know and understand it’s difficult; however, there are ways to get over this obstacle in life. The first step is to apply for a secured credit card. Now, most of the card companies will want you to have some source of verifiable income, make a deposit into a savings account as collateral,pay an annual fee, and may check your credit qualifications–don’t worry about it. Make sure to read the fine print and pick the one that gives you the lowest interest rate for you to work with. I’ll list links from a credit expert for review on three level credit card companies at the bottom of this blog post. Read the rest of this entry »