If you have other forms of credit, such as a student loan or a car loan, you already have a credit report. You can pull it for free from AnnualCreditReport to make sure everything is correct. Unfortunately, identity theft can happen, and if somebody opened an account in your name, it will show up on your credit report.
The financial data on your credit report will be factored into your credit scores, of which the most ubiquitous is the FICO score. FICO scores range from 300 to 850, with a poor credit score being 579 or lower, 580 to 669 considered fair, 670 to 739 being a good score, very good ranging from 740 to 799, and anything 800 or higher being an excellent score.
With so many cards on the market, how do you determine the right one for you? The key is to identify the one you most likely will qualify for and that has the https://badcreditloanshelp.net/payday-loans-al/ most practical features for your situation.
– Student credit cards. “Young adults in college should definitely look at student cards,” Robinson-Jones says. “These cards don’t usually demand established credit, and some even have rewards programs.” In fact, you may be able find student cards that offer bonus categories for everyday expenses, like gas, dining or groceries.
– Secured credit cards. These cards require the cardholder to pay a deposit equal to the card’s credit line. Matthew Goldman, credit card expert and chief product officer for the card issuance platform Apto Payments, suggests secured cards for credit novices. “Eligibility is easier than it is for unsecured credit cards,” he says. “They’re a great way to start.” Many secured cards come with rewards programs and no annual fee, such as the Discover it Secured Credit Card. (más…)