How To Build Credit

What is a credit report?

A Consumer Credit Report is a report of information maintained by a credit bureau. The report will have information such as your name, address, social security number, and credit payment history. Credit grantors, such as banks, may report positive or negative credit payment information to the credit bureau. Utilities, such as the telephone and power companies, may also report your payment history. Credit grantors may review this information any time you apply for a loan, including a credit card, to use in determining whether they will lend you money.

Why is building a good credit history important?

Establishing a positive credit history makes it possible for you to obtain loans for items such as a car or a home in the future. Your credit record also may impact the interest rate you pay and the amount of money a lender is willing to offer you. It may also be reviewed when you rent an apartment. So it is important to pay your bills on time and keep the amount of debt you incur at a manageable amount.

How do I choose a credit card?

Choosing a credit card is a big decision. It is important to know the terms and conditions associated with the credit card. You should understand a credit card's features such as annual fees, Annual Percentage Rates (APR), and repayment requirements to make an informed decision about the card best suited for your needs. If you have any questions about the features of the Student Visa Credit Card, just call 1-877-SF4-BANK / 1-877-734-2265 to speak with a Customer Service Representative.

How can I establish good credit to prepare for the future?

To establish good credit, you should first pay your bills on time. Second, it is important to not have too much outstanding credit and to only borrow what you can afford to repay. If your credit history isn't established or you have very little credit history established, you should consider building one.

You can start by applying for a Student Visa Credit Card. If you're having difficulty opening a credit card account, ask a family member or guardian to cosign your application.