Building Credit - consider a share secured loan!
For young people it may be difficult to get approved for your first loan or credit card. When you finally decide that you are ready to take on the responsibility of using a credit card or a loan the lender is going to pull your credit report. Your credit report tracks all of your late or on time payment history. When you turn 18 you are eligible to apply for loans, however it may be difficult to get approved because you will not have any credit history. Sometimes having no credit is just as bad as having poor credit. One thing you may want to consider to help building credit is to apply for a share secured loan. A share secured loan is a great way to give a young adult financial responsibility. Then loan is secured by the money in your savings account. Make your payments on time and only pay the amount that is due each month. Keep the loan for the entire term. This will show lenders that you can make on time monthly payments and you can handle debt responsibly. Stop by or call your nearest FCFCU center today to get more information!
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