How to build credit fast?

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    KikoffKikoff
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    KikoffKikoff
    Keymaster

    Unfortunately, building credit overnight is not a realistic possibility. Even building credit fast might not be viable, since everyone’s financial situation is distinct. 

    Building credit takes time, just as with anything like learning a language or mastering a recipe. Even if there’s no magic bullet for building credit fast, there are some strategies that are always helpful to keep in mind.

    1. Do your homework on basic credit terms

    To start with the most basic idea, credit is essentially borrowed money that you agree to pay back by a certain date, often with a little extra for the lender (interest). There are a bunch of terms related to credit, and building up your knowledge about them helps you navigate credit with more confidence. You can use the list below to start learning or brushing up on basic credit concepts:

    • Credit scores
    • Factors that affect your credit score
    • Reporting basics
    • Responsible credit management
    • Types of credit

    2. Open a credit card

    Responsible credit card use is a direct and simple way to build credit. But, if you have no credit or poor credit, it might be difficult to get approved for a credit card. In that case, you can look into options like a secured credit card. There are other options available to establish a credit history, like credit builder loans and credit accounts.

    3. Check and monitor your credit

    Once you’re set up with a credit card or some other type of credit account, you’ll want to check up on how you’re doing. Your credit report has info like your credit score, personal information, and payment history, so it is important for you to check it at least once a year, but probably more if you are aiming to build credit fast.

    You can access your free annual credit reports from all three bureaus at AnnualCreditReport.com.

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The information provided in this blog post is meant for informational purposes only and does not constitute financial advice. Kikoff Inc. is a financial technology company and not a bank. The Kikoff Secured Credit Card is issued by Coastal Community Bank, Member FDIC. Terms and conditions apply & individual results may vary. Make consistent on-time payments to maximize credit building potential.  Credit factors outside Kikoff, like other account balances or delinquencies, can have an impact on credit building progress.  Subject to approval via identity verifications and subject to terms and conditions. Kikoff Credit Account reported line of credit intended exclusively for credit building purposes & can be used to finance the purchase of monthly Credit Service plans and/or digital educational material via the Kikoff Store. For more information, visit our Terms and Conditions and Privacy Policy. We report to the major credit bureaus: Equifax, Experian, and TransUnion. Features, tradelines, bureau reporting, & pricing may vary depending on plan purchased. This post may contain marketing messages and advertisements in compliance with the CAN-SPAM Act. Please refer to our Secured Card and Credit Account Terms for detailed product disclaimers.

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