Learn How to get a Credit Card and Build Credit

I Don’t Have any Credit, or I Screwed it Up

Your Credit Score is just a number!

Stop bragging what your credit score is… And start bragging when you are debt free! 90% of the US are in debt…. Not something to brag about!

So if you have no credit, or have blown it, please follow the below:

  1. Start with a bank account, 1 Debt Card, 1 Credit Card (Later I tell you specifically how)
  2. Budget, budget, budget. Don’t let the credit limit be your budget!
  3. Put everything on your CC: Food, gas, etc… You are spending this money anyways (get the points)
  4. Pay in full every month
  5. REPEAT FOREVER
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Lessons Learned

If you screw it up, it will take you twice as long to correct your mistake, and potentially years to overcome your poor decisions!

Good Debt

Home

(appreciates “potentially”)

Bad Debt

Car

(depreciates plus you have to keep putting money into it each month: insurance, gas, maintenance, tires, etc)

How to Get a Credit Card: The Checklist

  1. Must be 18 years old to get your own Credit Card
  2. Must be employed or a student
  3. Have a checking or savings account
  4. Think about what types of benefits you want. Ex. Do you travel, fly, buy online, or drive for a living?
    1. Airlines
    2. Gas Charge Card
    3. Online Merchant
    4. Department Stores
  5. Research the points/benefits of your card options. 5x point for every $1 spent? Cash Back?
  6. Research the annual fee if any and what their interest rates are on balances outstanding.
  7. Talk to friends about what credit cards they have. (They can refer you and both of you get points – win win)
  8. Apply Online, call them directly or get a referral through your friends. Worst case, you can literally walk into your local bank and ask to sign up for a credit card.
  9. TREAT THE CREDIT CARD LIKE A DEBIT CARD-DO NOT SPEND MORE THAN WHAT YOU MAKE.
  10. ALWAYS PAY YOUR CREDIT CARD OFF IN FULL EVERY MONTH.

Money Mentors

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