There are many people that say don’t have credit cards, credit cards are bad, and similar statements that bear no wait. These people are either not in control of their spending, or do not know the value and need of having credit cards. It is essential for everyone to have a few lines of credit under their name .
Having credit cards build your credit history. The longer you have a credit card, the longer history there will be on your credit report. A longer credit history will have a direct impact on your credit score. When applying for your first credit card make sure it’s a “no annual fee credit card”, this will ensure you can build credit history for years to come without paying any fees.
Car loans, leases, mortgages are also ways to build your credit history. However, the easiest way to build your credit history is with credit cards. Most people are able to get a credit card with little to no credit. Month by month they build their credit history which will raise their credit score.
Credit cards are the easiest way to build a credit history. Credit cards are the easiest line of credit you can open. Having three credit cards is required to apply for a mortgage with many .
Your credit history and your credit score are very important. In order to get your next credit card, car loan, lease or mortgage, you will need to have a good credit history. They work hand-in-hand. In order to get a loan you need credit history, and once you have your loan it will build your credit history.
Mortgage companies require you to have three lines of credit under your social security number. Being an authorized user or a joint card holder on another person’s card will not be counted as a line of credit under your name. It is integral for everyone to open up a credit cards under their name as soon as they can, to begin building their credit history. The earlier the better.
Don’t listen to the foolish people that say having a credit card you will not to be in control of your finances. Most credit cards have programs that track your spending showing you where you spend your money, and how much money was spent in each category. This is an amazing tool while budgeting to know what purchases need to be cut out.
Are scared that by having a credit card you will just swipe away and not keep track of your purchases? Get a credit card and don’t use it. This will enable you to have that open line of credit and build your credit history without putting you into hock.
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It is integral to have a few credit cards open to begin your credit history.