a.
To buy a house, car, etc…
b.
Employers may ask to look at it
c.
To get loans
The
first step to establish credit is to get a credit card and learn how to use it.
II. Get a credit card
a.
Go to your bank to get credit card
i.
Bank looks at your credit limit every 6 months
1.
Look at payment history and income
b.
Use credit card often rather than debit card
c.
Get a retail credit card
i.
Attempting to get retail card lowers score (10%)
ii.
10% on how well you can manage multiple credit
cards and loans
d.
Pay bills, credit cards and loans on time
i.
35% based on payment history
ii.
30% based on
outstanding debt
The
longer you have credit the longer your credit history will be.
III. Get
your credit history
a.
15% based on length of time you have had credit
i.
Can view online or get from mail
ii.
Make sure everything is correct
1. Contact the
right people to fix mistakes
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