The most important thing you can do when first gaining financial independence is to responsibly build your credit history. Why? A credit score plays an important factor in more things than you’d think. Having good credit will allow you to be approved for rental applications, pay for college, purchase your first car, secure a job and much more. If you don’t have a history at all, taking small steps early can help reach future financial goals faster.
Practice good credit habits to show you’re creditworthy.
Building credit doesn’t happen overnight. It takes time – at least 6 months of making on-time payments. Here are some of our best tips for getting started:
- Avoid adding too much debt quickly
- Keep accounts open for as long as possible
- Make 100% of your payments on time
- Don’t let your balance exceed 30% of your credit limit
- Safeguard against fraud by utilizing CardValet
- Check your credit reports + track your credit score with SavvyMoney
- Begin building a credit history with a credit card
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