How Do You Build A Credit History For Teenagers?
It’s never too early to begin building a good credit history. And many lenders and credit card companies are prepared to help teenagers establish a credit rating. Many different options are available, but familiarize yourself with the credit approval process before submitting your application for credit. Retain copies of your income stubs so you’ll have proof of income. Open a checking or savings account with a bank and keep the monthly statements. Build your savings by depositing a certain amount from each paycheck into your bank account. Down payments and deposits are beneficial when applying for credit with no credit history. Talk with a representative from your bank about your credit card options. Some financial institutions offer secured credit cards (which require a deposit) to help consumers build a credit history.
