how to build credit for the first time?

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    KikoffKikoff
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    #1073
    KikoffKikoff
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    Building credit for the first time?

    The process can be pretty straightforward, and the good habits you build will work for the rest of your life.  Above all, always pay your bills on time and try not to have too much debt at one time.

    There are a lot of ways to start building credit for the first time.

    • Secured Credit Cards:
        1. These work like a regular credit card, only you must first deposit money into an account. The card lender will then give you a line of credit equal to the amount you’ve deposited. Otherwise, this functions exactly like a regular credit card. If you always pay on time, many banks will allow you to “upgrade” to a traditional credit card.
    • Credit Builder Loans
        1. These are loans specifically designed for you to build credit. You deposit a small amount of money at the bank, and then “pay back” the amount you deposited over 6 – 24 months. Afterwards, you get your full deposit back. This builds credit by showing your ability to pay things back on time.
    • Retail Store Credit Cards
        1. These are the Credit Cards offered at department and retail stores, or gas stations. These are typically easier to open than a traditional credit card, and let you start buying things on credit. As always, pay your bills on time!
    • Other Methods
        1. Rent reporting: Rent reporting services can help you build credit by showing that you consistently pay rent on time. You can also do this through Kikoff!
    • Cell Phone and Utility Payments:
        1. Certain services, like Experian Boost, allow you to report your cell phone, water, electrical, and other utility payments to credit bureaus. This can help boost your score by showing even more on-time payments.

    A Kikoff Credit Account can also help you build credit, whether you’re just starting or have established credit. You can sign up in minutes, and starting at $5 a month, you can build a credit history by using a $⁨750⁩ line of credit to use for Kikoff purchases. This doesn’t expire, so you can build credit on your schedule.

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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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