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Building Credit with Your Local Credit Union

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Building credit and having a good score is vital when you’re an adult. It determines your loan rates and how much credit you have to spend. Your score is also something that landlords check if you’re looking for an apartment. If you want to buy a house or car, you need good credit and a strong history of using credit. It all might seem scary, but everyone has to start somewhere! As a member of Eastex Credit Union, you’re more than a customer, your part of our family and we want you to have the best credit so you can achieve your financial goals. In this blog, we will go over how to start building credit and ways to maintain your credit.  

How to start building credit

If you are starting from scratch when it comes to building your credit, one thing to note is your first score will be low and that’s completely normal. It will take some time and good spending habits to increase your score so the earlier you can start, the better. According to Intuit, there are other things to consider when starting this journey, the first is do you have someone to help you? It’s always good to have a trusted confidant that can give you solid advice and guide you in the right direction when it comes to your finances. Another question to ask yourself is are you financially responsible? This is especially important to figure out when building credit because if you tend to overspend, it will negatively impact your credit score. You need to spend it responsibly and always pay your bills on time. If you can stick to a budget and have people who can help you then you’re ready to start building credit! The perfect way to start is applying for a credit card.  

Building credit with an Eastex credit card

Credit cards are the best way to start building credit. You cannot have a credit history if you don’t have a credit card. To show how important having a credit card is, 35% of your score comes from your payment history on your card, and 15% is the length of time. So, it’s good to remember when you apply for a credit card, you don’t close it because it’s proof of a longer credit history. Now you might be dealing with a dilemma – there’s so many credit cards, which do you start with? Luckily at your local credit union, we have the best credit card for building credit!   At Eastex Credit Union, your financial goals are our financial goals. With our Visa credit card offers low interest rates and no annual fees. Another benefit you get is an interest-free grace period when you open your Visa credit card. Every time you use the credit card, you earn points on every purchase that you can redeem. Check out more of our benefits here.  

Manage your Credit Score with CreditSense℠ at Eastex CU

With your credit card, we offer Eastex CU members access to their credit score with CreditSense℠. Credit Sense is a free resource available through our Online Banking platform which allows members to check credit scores at any given time so you can always know where your credit score stands. Plus, it will give you tips on how to improve your credit and help you stay on track. If have more questions regarding your overall credit or where to start, stop by an Eastex CU branch or give us a call to discuss your individual questions and needs. Our experts can help guide you on best practices and tips to achieve the best score possible.  
Source: https://www.intuit.com/blog/innovative-thinking/financial-tips/build-credit/
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