start personal and business credit

The whole credit thing in a nutshell is that everyone wants to be able to check your credit history to see if you know how to pay your bills on time. They use that system to see if it is safe to lend you money because they want their money back based on the terms you received that money at. Credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay. That is why learning how to use credit wisely is one of the most valuable financial skills anyone can learn.  This is especially important for persons who do not yet know about credit, this information will help to prevent the disastrous consequences many now find themselves in due to not fully understanding that credit is a tool to use, not abuse.

What does the Bible say if you do not repay?

Psalms 37 v 21 “the wicked borrow and do not repay …”  so start out with the attitude that you will pay your debts and you will pay on time and before they are due, the more you pay and pay on time the better and  the sooner you will build your credit.

So What do I need to Start Credit?

1. Social Security Card/Number or Tax ID number if you are a business
2. Passport, Green Card or other government-issued ID
3. Driver’s license or other ID or official correspondence with your address on it

You need to either bring cash, a money order, a check or, if transferring funds electronically, the name, location and routing number from your foreign or other domestic account. You usually need at least $100 to open an account, but sometimes more, maybe even less, it depends on the bank or institution.

You will need a student account if you are younger than 18.  Open a checking account and a savings account.  Make sure to request overdraft protection on the checking account using your savings account.  This will help you if God forbid one day you write a check and there is not enough funds to cover your payment, you can avoid the $35 insufficient funds fee. Use your local credit union to start your account as the fees are usually lower than regular banks but also ask for the list of fees charged by each bank and compare the list before you settle on a bank.  Wachovia, Washington Mutual/Chase, Suntrust also have free checking and you can get $50 to $100 to open an account.  Bank of America offers $25 referral fees.

Stay tuned for more information: for your specific situation and questions send me an email at: info@startcrediting.com

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