Credit Report Q&A

How do I go about building my credit history?

If you are new to credit and are trying to build a credit history, here are a few ways you can get started.

  • Apply for, and open one new credit card. Because you have little or no credit history, you may not get very good terms on this credit card – such as a high APR. However, if you charge small amounts and pay off the balance each month, you won't be paying interest each month so the high APR won't affect your bottom line.
  • Open a secured credit card. If you are unable to get approved for a traditional credit card, a secured credit card can help you build your credit history. This type of card requires you to deposit money with the credit card company. You can then make charges on the secured card up to the amount you have deposited.

Whether you obtain a traditional credit card or a secured credit card, it is important to keep low balances and pay off your balance each month and never miss a payment. This will help build a positive credit history.

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