Many people just don’t realize how valuable a good credit record is. If you look around, you will observe that most lending institutions require borrowers to have a high credit rating or a credit history which reflects your ability to pay your debts on time and without fail. People with good credit experience less difficulties in applying for housing or car loans, simply because their credit record is saying, “Trust this person”.
The safest way to establish credit is through a credit card. If this is your first time to apply for one, then you are very lucky. There are a lot of credit card companies competing in the market today that can offer you low APRs, competitive interest rates and even payment terms that are easy on your pocket. For starters, you should try to apply for one credit card only. If you think about it, it is actually a smart decision. A single card is more manageable, simpler to track and most of all, easier to pay.
If you are still worried that you might not handle your credit card wisely and end up ruining the only chance you have to build a good credit record, then you should get a secured credit card.
These cards are perfect for first timers and even for people with bad credit record. A deposit will act as security just in case you get into some financial trouble and could not pay off your credit card bills. Treat it as a practice for the grown-up credit card. You will be able to gauge how well you handle your finances. If it does not work out, the deposit you made will pay off the debt you accumulated. But if it does, then your credit record is as good as established.
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