Wednesday, September 15, 2010

How To Build A Credit History From Scratch

When you just come out of high school you don't have any credit history. For many stages in life this history will be important so you need to start building one as soon as possible.

You can do this by using a secured credit card.

Start with depositing some money into a secured bank account and apply for a credit up to the same amount.

The bank has zero risk because you will not borrow more than you are able to pay back (your deposit, right?).

By paying back on time you have just started showing you are a reliable borrower and this will be your first positive mark on your credit report!

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