Crash Course on Credit

Updated: Jan 31

Get Ready to Start your Credit Lifestyle or Repair yours....

Need To Know

  1. Make sure you "Shop" For Credit Cards (Do not just apply for whatever you can get)

  2. Check APR Rates FIRST (Very Vital)

  3. Read my previous post to understand the difference between a secured & regular credit card and What APR means

  4. Secured Credit Cards are good starters

  5. Regular cards are good if you can start there

  6. Never apply for a card that is more than what you can afford to borrow

  7. Remember this is like a loan... you do have to pay it back and on time

  8. Do not Max out your card (not even close) and if you are repairing your card, pay the minimum amount + an extra $25

  9. Use it for small purchases that you would make on a regular basis and you know you can pay back (ex: Gas, Water Bill, Small Grocery trip)

  10. Make regular payments on time, if you can afford to pay an extra $10/$20 it helps

  11. This does build up your credit as long as you do good with it

  12. The apps do have free credit score check so make sure you check it at least monthly

  13. Do not over use your card but do use it (excessive use is not good and this is a part of the decision on credit score)

  14. Do not have too many cards but I do suggest having two

  15. If you have a secured credit card and do good it will transition to a unsecured credit card and you will get your deposit back

Basic Rules: If it's too good to be true it is & Just because you can doesn't mean you should

What's In Your Purse?

I am adding these few cards but this is just for informational purposes only!These are not suggestions and do not mean that they will be your best fit, also I am not paid by these companies for advertisement these are just common cards I have seen being used.Book a session to have a genuine and tailored discussion on your basic personal finances

  1. Capital One Secured Credit Card; APR 26.99%,No Annual Fee,Late Payment:$40 (Visit Site for more info)

  2. Discover It Secured Credit Card; APR 22.99%,No Annual Fee,Late Payment:$40 (Visit Site for More Info)

  3. Merrick Bank Secured Visa® Card; APR 17.45%, Annual Fee $36 the first year, Late Fee: Up to $40 (Visit Site for more info)

  4. First Premier Bank Secured Card; APR 19.9%, Annual Fee $50, Late Fee:Up to $39.00 (Visit Site for more info)

  5. Your Bank may also carry a Secured Credit Card

Also all of these Credit Card Companies have Regular Credit Cards

Credit Scores

  1. Start checking your score with Credit Karma

  2. Go straight to the source check in with the 3 major Credit Score Companies; TransUnion, Equifax and Experian

  3. Get your Credit Report too, you are entitled to a free report once a year

  4. Understand what Credit Score is

  5. Find out what a bad vs good score is (the exact numbers)

  6. Understand what a hard pull vs a soft pull is and so much more!

There are so many things to learn when it comes to Credit Cards and Credit Scores!

If you want to discuss any of these topics or have questions I would love to be your Coach!

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