Building good credit takes time. However, knowing where to begin and the proper steps to take can be a key component in reaching your financial goals. According to the Consumer Financial Protection Bureau (CFPB), there are a few products and actions that can help you build credit.
Products to use for Building Credit
- Secured credit cards
- Credit builder loans
- Retail store credit cards
Tips for Building & Maintaining Good Credit
- Monitor your credit. Download your free annual report at www.annualcreditreport.com
- Pay all loans on time, every time
- Don’t max out your credit limits. Experts advise utilizing no more than 30% of your limit
- Take appropriate steps to correct any issues on your credit report. Learn how to dispute an issue here
Check out this guide from the Federal Trade Commission (FTC) for more info on building credit.
As always, contact your Fairway loan officer for questions about how your credit score may affect your financial profile and your goals of obtaining a mortgage.