Consumer Tips: Credit

You can build a credit history or improve your credit history.  One way is to get credit and use it wisely.  That takes time.

If you do not have credit, the best place to start is a credit card.

Compare several credit cards.  Apply fo the one that gives you the best deal.  Look for:

• a low annual fee
• a low APR (annual percentage rate)
• lower fees:
• if a payment is late
• if you go over your credit limit
• a long grace period.  This is the time between when you spend money and when the card charges you interest.  Look for one that is at least 25 days long

If you cannot get a regular credit card, try to get a secured credit card.  Apply for cards that report your history to the three credit reporting companies.

Look for a secured card with:

• no application fee
• a low APR, or annual percentage rate
• lower annual fees
• no processing fees
• higher interest rates on the money you deposit

Visit our Personal Finance InfoGuide to find Credit Repair books and books about your credit at the library.