Is it ever too late to build credit? For many older Americans, it’s not an issue because a lifetime of good financial habits have secured them strong credit scores. In fact, the Greatest Generation – those age 66 and older — tend to have the highest average credit scores, coming in at an average VantageScore of… Read More
Unless you have a ton of cash at your disposal, you’ll probably need credit at some point in your life. Whether you’re buying a home, car or big-ticket luxury item, the first thing that most lenders typically look at are your credit scores. If you have limited or no credit history, you’ll need to begin… Read More
Personal finance is full of decisions: Rent or buy? Roth or traditional IRA? Save or build credit? But these aren’t all either-or scenarios. In fact, having good credit and well-managed savings go hand-in-hand. “You have to be serious about building your savings, because you’ll either end up paying bills late or you’ll run up on… Read More
If you want to improve your credit, you need to look at your finances from a different point of view: a lender’s. Credit histories and scores are designed to give financial institutions an idea of what kind of borrower you are; the data help them decide whether taking you on as a customer is worth… Read More
There’s no denying the fact that credit has become a fundamental part of our financial lives. It influences how much we pay in interest on auto loans, mortgages, student loans and credit cards. It also influences our insurance premiums, deposits on utilities and rent, and in some cases, it can even impact our ability to… Read More
Recently, I heard from a friend who filed bankruptcy several years ago. Eager to rebuild her credit at the time, she asked me for advice and read everything she could find about credit repair. She disputed mistakes on her credit reports, got a secured card, and did everything she could to get back on track…. Read More
Sarah met her boyfriend Tim on vacation. After a year of long distance dating, she decided to relocate to be closer to him. But her move was more complicated than most, since she was moving from Canada to the U.S. As a nurse, she was able to find work here fairly easily. She then opened… Read More
How does one go about reporting your on-time payments with the utility company to the credit bureau to establish your credit history?
Opening a visa credit card, using it for one small purchase each month (around $30) and paying the bill on time will go a really long way to helping establish his credit in the US. By the time he gets here next month, it is possible that Gerald might actually have enough of a credit history to get a car lease on his own. He should check his credit reports to see if the account is being reported accurately.
It seems that some people have a hard time establishing credit. These folks come from several groups. Some are young people who have never had credit. Some are new to this country and don’t have any history of U.S credit to show people. And some folks had credit at one time but, for whatever reason, ended up with trashed credit reports and horrible credit scores. This last group is really trying to re-build credit.