Jake Asks… Im a new college graduate and need to build some credit. Any ideas?

Congratulations on your graduation! Now you can move ahead with plans for your life! Credit is a big part of your future. Most likely you lll need it sooner than you think. Having good credit will make things easier for you going forward – however if you made it through college without building a credit history  (other than student loans) you will want to do a few things right away.

You will find employers, landlords, insurance agents and banking institutions are all going to want to review your credit – so follow some of the advice below and you’ll be in good shape before you know it!

  • Think before you borrow- DO NOT borrower more than you can afford to pay off every month
  • Always pay your bills on time
  • Get the right kind of credit
  • Open Ended like a credit card and Closed Ended like a car loan or personal loan
  • Secured Credit Cards are a great way to go to build credit – start small – $500 is usually a good limit
  • Keep your balances to 30% of the limit on any credit card or line of credit
  • If you do have student loans – make sure you look at a consolidation loan and make sure you pay attention to the repayment period and make sure to pay the loans back on time

Be diligent and keep on top of your bills at all times –  it will take a bit to earn a high credit score but your time and energy will pay off – literally –you’ll get lower rates and better terms on your future financing! Good Luck!

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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