Ways to Build Credit

To help you get the most out of your credit card, we wanted to share some ways to establish and improve your credit. Building a solid credit history is essential for financial health, as it influences loan approvals, interest rates and even employment opportunities. By monitoring your credit regularly and maintaining good credit habits, you can build and maintain a strong credit history, opening doors to better financial opportunities in the future.

Nowadays, debit and credit cards are used as the primary way to pay for purchases. They are designed to be easy and convenient to use on the go, so you don’t have to carry around large quantities of cash. You can also freeze the card if it is lost or stolen to limit your exposure to fraud. But credit and debit cards work in different ways. A debit card gives you a direct line to the money already in your checking account, while a credit card means buying something on credit. You will then need to pay off the balance on the card plus any interest that has accrued. Credit cards can enhance your credit score, while debit cards do not impact credit history. Additionally, credit cards frequently offer rewards and benefits, such as cash back or points. Learn how to find the right type of card for your situation and ensure you use these two cards responsibly.

If you’ve ever wondered what you can do with good credit, the answer is quite a lot. One, a high credit score opens doors to better interest rates. Two, it grants access to premium credit cards, exclusive loyalty programs, and other perks. In essence, a good or excellent credit score is a financial launchpad. You can leverage it to turn your financial aspirations into realities—whether you want to buy a home, finance a new car at a low interest rate, or qualify for attractive travel rewards cards that make your next vacation more affordable.

So, what can you do with an excellent credit score specifically? You could negotiate more favorable terms on major loans, tap into 0% introductory APR credit union credit card offers, and qualify for high-end financial products. It could mean fewer hassles when applying for rentals or landing that dream apartment. A top tier score also helps you keep more money in your pocket over the long run. With lower interest charges and fewer fees, you can channel your savings into investments and retirement accounts or simply enjoy more of your hard-earned money.

Credit cards offer convenience, security, and even rewards. However, using a credit card without proper planning can lead to high-interest debt and land you in financial hardship. Therefore, it’s important to understand how to use a credit card responsibly. Setting a clear budget, paying off balances in full, monitoring credit scores, and avoiding common pitfalls are essential credit card management techniques. With discipline, you can enjoy the benefits of credit while maintaining control over your finances.

Imagine unlocking a treasure chest hidden within your home—this is essentially what a Home Equity Line of Credit (HELOC) allows you to do. So, what is a HELOC? A HELOC loan lets you tap into the built-up equity of your home, offering a flexible line of credit that you can use for a myriad of purposes. You can use it for a kitchen makeover, consolidating high-interest debt, funding your child's education or as a financial safety net to cover unforeseen costs. Simply put, it transforms your home’s equity into accessible cash whenever needed.

In personal finance, one of the most pivotal metrics that reflects your financial health is your credit score. This three-digit number is the culmination of your credit actions and behaviors. It is a shorthand for lenders to gauge your trustworthiness as a borrower. Are you wondering how to build credit? First, understand the nuances of credit scores, including what a good credit score is and how it can affect your financial opportunities. This guide explains the key variables and details to navigate the credit market successfully.

If you’ve ever been to a department store or chain retailer, the salesperson probably asked you if you wanted to open a store credit card. A store credit card is like a normal credit card except that, in most cases, you can only use it at participating stores and businesses. Some of the biggest chain outlets and retailers, such as Target, Home Depot, Walmart, Macy’s and other clothing retailers offer this option. 

But how do these cards work? And can they actually help you save money? Let’s find out.

If you have a home equity line of credit (HELOC), you can withdraw money from your open HELOC line during what’s known as the draw period. HELOCs work like credit cards by providing you with a revolving line of credit, letting you borrow what you need, when you need it. Once you get approved for a HELOC loan, you can use this money to pay for home repairs and other major life expenses as needed.

However, once the draw period comes to an end, you can no longer access these funds. You will also need to start repaying the money borrowed plus interest. It's important to know how much of your HELOC has been utilized, so you don't run out of money in the middle of your project or life event. Learn more about the HELOC draw period and what this means for your finances.

Beginning your career after college is meant to bring optimism as you start a new phase in your life. Unfortunately, many Americans are weighed down by student debts. With different repayment options, interest rates, and loan terms, it's easy to feel overwhelmed. However, with some strategies, you can manage your student loan debt and avoid default.

Since debt management is critical for long-term financial health, we'll provide student loan management tips to help you stay on track and achieve financial stability.

Anyone that has taken on debt has what is known as a credit history. Credit bureaus keep records of your credit history to determine whether you can pay off your debt on time. Lenders will then use this information when deciding whether to issue you a loan.

Your credit history will impact your chances of getting approved for a loan as well as your credit limit. If you have a bad credit rating, you may also have to pay a higher interest rate, increasing debt. If you are buying a home for the first time  or making a major purchase, how credit ratings work should be important to you. If you are thinking of applying for a loan, use this guide to improve your credit history and save money.

With rising inflation rates in the United States, Americans increasingly rely on credit cards to cover their expenses. However, one of the growing effects of inflation is a significant increase in credit card balances, which creates the risk of consumer financial stress due to both inflation and mounting debt. Here are several tips for managing your credit cards during this inflationary period.