Do you want to build a good credit score? The best way to do this is by getting a credit card and paying off your bills on time. However, if you do not have a credit score, it is hard to be accepted for a credit card. There are still ways to build your credit score, however.
The first is to get a secured credit card. This requires a small deposit, usually a few hundred dollars. Your credit line will only be as large as your deposit. As you pay your bills on time, your credit score will get better, and you can shut down your secured account, get your deposit back, and open a regular credit card account. You can also get someone to cosign on your credit card application. If someone who trusts you is willing to sign as a guarantor for your debt, then you can get your credit card application approved. You can also become an authorized user on someone else’s credit card, if they agree. To make this work, make sure that the credit card company actually reports the activity of authorized users to the major credit bureaus.
Paying off your debts is another way to build your credit score. Make sure to pay your student loans on time. Do the same for your car loans and rent. Find out if your landlord offers this service and reports your payment activities to the credit bureaus.
FreedomPlus is a company that underwrites loans to prime consumers. It is the consumer branch of the Freedom Financial Network. FreedomPlus offers online applications. People could get approved for loans on the same day as they applied. Loans are usually between ten thousand and thirty five thousand dollars. FreedomPlus is led by Joseph Toms.