Credit Help

When you work in the auto sales industry, it’s second nature to become a credit expert to help your customers. And now we are here to help you.

Credit Help

When you work in the auto sales industry, it’s second nature to become a credit expert to help your customers. And now we are here to help you.

How to Start Building Credit When you have None

This can be hard when you don’t have help, and you’re on your own, but we can help you along!

If you would like to check your credit click Here

First, choose the right bank

When you haven’t established credit, it can feel impossible to get off the ground. Once you do though it can be very uplifting! So the first thing you need to do it choose a bank that can help you! You need a secured line of credit. A secured line of credit is when you put the money down first and use it as credit. So if you got a $300.00 secured credit card you would need to give the bank $300.00, then they would give you the credit card. We would recommend a credit union to most people, but that does not mean a traditional bank couldn’t help you. No matter the banking institution you decide on be sure they offer something that can help you like; secured credit cards, secured loans, or starter credit cards with a low balance. These places do exist in any major (and most small) city. If you cannot get a bank to give you credit then reach out to citi credit cards they can get you a secured card.

Next Lets save some money and get that secured card

Ok, so the next part can be hard for lots of people who aren’t used to this. You are going to (most likely) have to save up some money. Now that you have your bank or credit card company you need to pay for a secured line of credit. $300.00 is plenty to get started and is the most common. If your bank offers a $1,000.00 line of secure credit or something similar, I would recommend doing that also if you can.

Now let’s be patient and pay our bills!

Ok, this is by far the most important part! For the next six months, you will need to use and pay for this credit card! Make sure you make those payments every month and try your hardest not to go over 30% of your total balance. Meaning if your card has a $300.00 limit do not go over $90.00 on your card! After the six months is up you should be able (in most cases) be able to get unsecured credit. Now keep in mind every situation is different and if you don’t make very much money, you may not get secured credit.

Apply for secured credit

Ok So At this point we would recommend capital one for your first line of credit. They are the most likely to get you approved at this point and is a very reputable company. If you get your secured line and for the rest of your credit life do not go over %30 of your credit line! Wait another six months, and you should be eligible for a credit line increase as long as you are making money. And there you have it it’s pretty easy and not so scary!

 

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