While individuals with good credit can live relatively luxuriously on an average income, individuals with bad credit who earn the same amount have a notably lower quality of life. This is not only because they don’t have access to a line of credit, but also because it is much more difficult to be approved for loans, vehicle and home rentals and even job applications. Fortunately, establishing good credit from scratch is a relatively simple process that can be accomplished by following the three easy steps below.
Applying for a Credit Card
The first step in establishing credit is applying for a basic credit card with a low credit limit. Contrary to popular belief, financial institutions are much more likely to approve someone with no credit than to approve someone with bad credit. Most first-time credit cards have credit lines of about $500, but this credit limit can be extended after a couple of months of making timely payments. T
Chase has brought a new offer to the table and enhanced the Southwest Airlines Rapid Rewards® Credit Card by adding an extra bonus for new cardmembers. Chase is now introducing an updated version of the card called the Southwest Airlines Rapid Rewards® Plus Credit Card. This Card will offer customers the ability to get 20,000 points toward FREE FLIGHTS after their first purchase, along with No Blackout Dates, among many other perks!! Here are the highlights of the card:
Good credit is a result of borrowing money and responsibly paying it back over time. One problem for new borrowers, college students, recent graduates and others with limited history is the difficulty in establishing credit when lenders frown upon people without any credit history – a vicious cycle of rejections. If you’ve never been approved for a credit card, mortgage or personal loan, a co-signer would be required for almost any type of request. But now, Experian® includes rental unit data into their company’s traditional consumer credit reports. They are the first and only major credit reporting agency to include residential rental payment stats in credit reports.