Credit Secrets & Tips

• Open a checking and savings account and begin making regular deposits even if they are small.

• Apply for a department store or gas credit card (easier to qualify for) and pay all your bills on time, including your utilities.

• If you feel you need a credit card for identification, for travel, or for emergencies, take out a secured credit card by depositing money with the issuing bank and make charges that you pay on time (interest is generally 7-23% and some cards have no annual fee).

• If you need to buy a car, put down a high down payment and select the most economical car that fits your needs (not your wants) at a low price.

• If you are married, it is a good idea for each spouses to establish their own, separate credit history. The Equal Credit Opportunity Act requires that if you have had a joint account, you can request a creditor to report your individual participation and performance on that account separately.

• In the future, do not go overboard with credit. You could be turned down for new credit if you already have too much revolving credit.