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The BEST Credit Building Tips (For Beginners)

Here are my favorite credit building tips and tricks for beginners. Build credit in college is extremely important, whether you are in college or not this video will be valuable as I will discuss the best way to build credit and how a credit score works. ► More on Instagram!   / hishamzkhan   ► My favorite personal finance/investing books: https://amzn.to/31YlGnR ► Official Website for Free Credit Reports: www.annualcreditreport.com Credit Card Links: ►Get 10,000 AMEX points by signing up here: http://refer.amex.us/HIShAKOkyU?XLINK... ►Get $50 from Discover by signing up here: https://refer.discover.com/s/hishamzk... Why is credit score important? Having a high credit score is extremely imoprtant to rent an apartment, buy a car, and it even effects your insurance rates! The earlier you start the better, I started building credit in college and if you do the same you will be ready for the real world by the time you graduate. How does credit score work? A credit score is calculated using the 6 factors below, along with my favorite credit building tips and tricks. ► Utilization Rate: keep below 30% ► On Time Payments: The best way to build credit is to pay off your credit card bill in full every single month. ► Length of Credit History: 7 years to build strong credit ► Number and types of total lines of credit: Open different types of credit cards and loans (mortgage, auto, etc) ► Credit Inquiries: Whenever you apply for a new credit card or loan it stays on your history for 2 years. Lenders see you as high risk when you apply fo multiple lines of credit in a short amount of time so be cognizant of how often you apply for credit cards and loans. ► Derogatory marks: Things that negatively effect your score, such as defaulting on a loan. DO NOT get to this point people it will crush your credit score. My personal favorite beginners credit card is the Discover IT card, you can also get a discover it secured card if you have a hard time getting approved or can't get a co-signer. All Stock footage is free to use by www.pexels.com Hope you learn something about how to build a good credit score! #CreditScore #CreditCards #IncomeOverOutcome