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Build Your Credit Like A Pro

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When entering into the real world, you quickly realize how many things revolve around having credit. If you are starting in the workforce or haven’t had any borrowing experience, chances are your credit history will need to be established from the ground up. Many find it hard to buy a car, move into an apartment, get a credit card, and many other essential life tasks without a credit history. 

To start building credit like a pro, here is our advice; Get A Secured Credit Card. A secured credit card is just like any other credit card except it requires you to save up some money.   

Example: Billy wants to build his credit but doesn’t know where to start. He calls NC Community Credit Union, and they suggest a secured credit card. Billy takes $500 out of his savings and uses it as a deposit for his secured credit card. His credit card limit is now $500.  

A secured credit card acts and feels just like a regular credit card. By putting down a downpayment, the lender has protection if you decide to run off on your bill. The security deposit is there to cover the cost, eliminating the risk.

Once you get your card, make sure to use it responsibly. Think of your secured credit card as a baby step towards sparkling credit and your chance at a regular credit card. Avoid spending over your limit and making late payments. Your secured card will report on your credit history, so use it wisely. Side note: Secured credit cards do accumulate interest. To avoid interest, pay your bill in full each month.  

A secured credit card can be a good route for those working towards building a credit history and working to make improvements to low credit scores. If you are in the early stages of establishing credit, avoid the high-interest rate credit cards, and opt-in for a secured card. Build your credit like a pro!

For more information on our Secured Credit Cards, visit NCCFCU.org or call 919-734-8224.