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| Establishing
Your credit |
In today’s world, both borrowing and lending are
facts of life. While it is admirable to strive to make purchases
in cash or by writing cheques on existing funds, it is also
wise to establish a good credit. From performing the most routine
transactions, such as renting an apartment and contracting
utility services, to making major purchases such as cars and
homes, your good credit is vital.
>Getting Started
>Summary
Getting
Started
Building your credit is not as difficult as it may at first
appear. Here are a few tips:
- If you have not already done so, put your apartment and
utilities in your own name.
- Keep your paid receipts and cancelled cheques for recurring
charges such as rent, utilities, and insurance payments.
This will help you document to any future lender your history
of meeting your regular obligations in a timely manner.
- Apply for a UNFCU VISA® Credit Card. This is an excellent
step toward building up a solid credit. Should you not
qualify for the credit card because you do not have any
past credit with UNFCU for example, you may be able to
arrange for a secured card by keeping your UNFCU Savings
Account balance equal to your credit line. The funds on
deposit will still earn dividends, but will be “restricted” from
use to secure the amount of your credit limit. You will
be able to use your secured credit card to make purchases
up to the limit you establish with your funds. If you use
your card regularly – and repay what you owe on or
before the scheduled due dates– with time, you may
qualify for a regular credit card and a higher line of
credit.
Apply
for your UNFCU VISA Credit Card now
- Apply for a UNFCU Savings Secured Loan or a Share Certificate
Secured Loan. These loans are secured against funds deposited
in your UNFCU Savings Account or your UNFCU Share Certificate
and are excellent vehicles for building your credit or
to learn how to better manage your finances.
Click
here to apply now
- Immediately develop good credit habits. Certainly, use
your new credit cards and loans to make purchases: that,
after all, is the point of acquiring them. But make sure
you pay the required amount — or more, if possible — on
time, whenever it is due.
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Summary
Establishing a credit is important in today’s world,
and it is not that difficult to accomplish. But it is even
more vital to maintain its good standing. Be sure to read Maintaining
Your Good Credit for more information.
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