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Money Monday 9/28 - Securing Credit


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To wrap up our discussion on credit this month, we're talking about how you secure credit.

You'll need to have access to various types of credit throughout your life. The easiest way to build credit history is the responsible use of a basic credit card or small consumer loan.

Most people begin their credit history with student loans. It can be through the federal government loan program, or through private sources. Though other common loans are auto loans, and mortgages used toward the purchase of a home.

No matter what kind of a loan you apply for, know that lenders want to see a strong financial history. So start out small and start to build.

To start building that credit, it's important to have a good track record with savings and checking accounts with one particular institution. By building that relationship, it's easier to establish credit. A secured credit card can also help you establish credit. Or you have an option to take out a personal loan, such as an auto loan, using a cosigner.

Once you start to build that credit, you need to monitor your score regularly. Each year, you're entitled to a free credit report from each of the three major credit bureaus. Stagger those inquiries throughout the year to keep tabs on your credit score.

You can find a lot more information about building credit and the other options you have for extending your line of credit by going to MACU.com.

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