When you want to start building credit, do not simply get the first card which you find. This article will explain what can count and what doesn’t count for building your credit. There are many different factors which go into credit but establishing credit takes certain factors.
The first misconception regarding credit is that utility bills will help you build a good credit score. Utility bills do not go on your credit report. These bills can help when you are looking to obtain a mortgage. If you have little credit but can show a stable payment history, you are able to obtain a mortgage. Your utility bills as well as rent payments can be used to show proof of the stable payment history. Activities such as these can help in building good financial habits for college students if they have to learn to pay the bills on time and have money budgeted for them every month. What counts towards your credit are any credit accounts such as student loans, car loans, and credit cards.
The second credit misconception is that no credit is better than bad credit. This is not normally the case. Bad credit does signify that you have a payment history. This is not the case...
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