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Building Credit is a Process

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Building Credit? It's a Process...

Building good credit from scratch is a process. It may seem like a Catch-22, because you can't really get credit unless you already have credit, so what do you do?

The first step is a "secured" credit card that will report on your credit report. It is secured by an advance payment that you make, so it acts more like a debit card than an actual credit card. However, as long as you use it and make payments on time, the history will begin to show on your credit report.

The next step is an "unsecured" credit card ? one with a small credit limit. You'll probably be approved for this once you have some history reporting from your secured card.

Next, you will need to get your first installment loan. The easiest type is probably a small auto loan ? it is backed up by the actual car, so the lender will feel more comfortable. Once this installment loan has been reporting for a while, you will have a nice foundation of credit to build from.

Equity Loans LLC./ Home Team Equity can help you build credit. Call Steve Carter today to discuss your options! 904-379-4748

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