All this while you might be thinking that having no credit history helps you build credit. Do you realize that without having any credit history, it is difficult to obtain any loan or even a credit card? To make your credit history, you have to start from scratch; it does take time, and some patience in this process.
Build Credit with a Credit Card
Credit cards offer revolving lines of credit to cardholders, which means they can pay balances over time. A lot of youngsters today are experiencing debt problems with a credit card due to the misused. However, little do they know that it is a useful credit tool that can help them build better credit if they use it wisely. Here are some steps for credit gearing up with credit card:
Get a Secured Credit Card
A secured Credit Card is designed for people with no credit or poor credit. A secured credit card can help you establish or re-establish your credit. Since payments are included in your credit report, paying on time and managing your balance will improve your credit score. After building your credit score, you may be able to qualify for a regular credit card.
Create frequent activities on the Credit Card
This is to give yourself a credit score for the last six months. We are not asking you to shop lavishly, which can cause even more debt. However, a simple frequent transaction such as paying your monthly utility bills can help you get a good credit score.
Build Credit with a Credit Card
Although we have shared the possible steps for gearing up your credit with you, some essential points can help you build good credit:
Pay on Time
It is vital to settle your payment on time on all of your commitments, including loan repayment and paying bills. Any payment delay will cost you an additional charge to your loan interest.
Settle the Full Repayment Amount
There will be a time where you are short in cash and need to pay at the minimum amount you can, but try to work out on extra payment for the following month.
Avoid Overspending
Avoid overspending your credit card because you may not afford to repay the credits, thus end up suffering a negative balance from your monthly salary.
Track Your Record
Make it a habit to check your credit reports and scoring at least every half-yearly. It will help you in keeping a good credit track record and scoring.
Visit our website, jomSETTLE to find out how your credit card can be useful in managing your monthly settlement.
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All this while you might be thinking that having no credit history helps you build credit. Do you realize that without having any credit history, it is difficult to obtain any loan or even a credit card? To make your credit history, you have to start from scratch; it does take time, and some patience in this process.
Build Credit with a Credit Card
Credit cards offer revolving lines of credit to cardholders, which means they can pay balances over time. A lot of youngsters today are experiencing debt problems with a credit card due to the misused. However, little do they know that it is a useful credit tool that can help them build better credit if they use it wisely. Here are some steps for credit gearing up with credit card:
Get a Secured Credit Card
A secured Credit Card is designed for people with no credit or poor credit. A secured credit card can help you establish or re-establish your credit. Since payments are included in your credit report, paying on time and managing your balance will improve your credit score. After building your credit score, you may be able to qualify for a regular credit card.
Create frequent activities on the Credit Card
This is to give yourself a credit score for the last six months. We are not asking you to shop lavishly, which can cause even more debt. However, a simple frequent transaction such as paying your monthly utility bills can help you get a good credit score.
Best Practices
Although we have shared the possible steps for gearing up your credit with you, some essential points can help you build good credit:
Pay on Time
It is vital to settle your payment on time on all of your commitments, including loan repayment and paying bills. Any payment delay will cost you an additional charge to your loan interest.
Settle the Full Repayment Amount
There will be a time where you are short in cash and need to pay at the minimum amount you can, but try to work out on extra payment for the following month.
Avoid Overspending
Avoid overspending your credit card because you may not afford to repay the credits, thus end up suffering a negative balance from your monthly salary.
Track Your Record
Make it a habit to check your credit reports and scoring at least every half-yearly. It will help you in keeping a good credit track record and scoring.
Visit our website, jomSETTLE to find out how your credit card can be useful in managing your monthly settlement.
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MAZER FINTECH SDN. BHD. (1332779-U)
A1-13A-2, Arcoris Business Suites, Block A1, No 10, Jalan Kiara, Mont Kiara 50480, Kuala Lumpur, Malaysia.
care@jomsettle.com
Terms & Conditions | Privacy Policy © 2023 Mazer Fintech Sdn Bhd. All right reserved.
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