Establishing Credit
Many countries use a system of credit in order to do business with the public. It is in fact, a very good method in order for merchants to minimize losses. The issue is when a person or business does not have an established credit, it is extremely hard to receive loans, and apply for other unsecured benefits. I have provided many tips and strategies which should help in establishing good credit. Please be advised that good credit takes time.
Getting your first line of credit:
1. One of the best methods of obtaining good credit is by having revolving accounts. Revolving accounts are type of loans that allow the borrower to keep spending as long as they have sufficient balance and continue to make regular payments on the already used balance. Credit card and line of credits are revolving accounts. Without good credit it is hard to obtain a revolving account. I think the best way to do this is by applying for secured credit cards. This means, a financial institution will take a specified amount of money from the borrower and place this in an interest bearing savings account in their name. In return, they will be granted a credit card with...
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