” If you want a few solid suggestions for cards, though, here are a few that I recommend: Annual fee: APR: 24.99% Minimum deposit: , , or 0 depending on your credit-worthiness With the minimum security deposit, you’ll also receive a 0 line of credit.If you make your first 5 monthly payments on time, you’ll gain access to even more credit (solid encouragement for you to be good about your credit).
Before we jump into the system, though, it’s important to understand what your credit score is and what goes into determining the actual number.
This is what your score is made up of (courtesy of Using each of those elements, you’ll receive a number between 300 (bad) and 850 (good). Knowing this, there are three steps you can take in order to build good credit and improve your score: The biggest portion of your credit score is determined by your payment history, or whether or not you paid your bills on time.
A while back, a friend of mine called me asking for a favor: She wanted to borrow my credit card to buy something online. “I have no income.” My solution to her: Get a secured credit card.
“I can’t get approved for a credit card,” she told me.
Pay that off first.) That’s the main reason why I don’t allow anybody in debt to take my courses.