Fast forward, I have come to the conclusion that I want to open up a brick-and-mortar boutique shop within the next 2-3 years. After researching how to save at least $20k, I realized that was not going to happen anytime soon so another option was to get a loan. Thing is the lender will look at your credit score, etc. the entire 9 yards.
So that's basically the story behind the reason why I started focusing on building my credit. This post are for those who has NO CREDIT SCORE whatsoever. I'll lay it out the same way my lazy mind would understand it, step-by-step.
- No credit? No problem. Got a checking & savings account from your bank? Perfect! If not? Sign up for one.
- Ask a bank teller from your bank if they offer secured credit card. If so, ask if you could sign up for one. (Not all banks offer them.)
- Secured Credit Card: A type of credit card that is backed by a savings account used as collateral on the credit available with the card. Money is deposited and held in the account backing the card.
For extra information such as credit limit & annual free, this is the link I referred to prior to talking with a bank teller : 10 Questions about getting a secured credit card
I slowly began building my credit & within 6 months, I got me 806 :)! It could be different for everyone & it really depends how your lifestyle is like (pst! if you're a total shopper like me, or just a wild spender haha.) The secure credit card I signed up for comes with an iPhone App & Free FICO score. After I figured out how to work the App & finding out about the FICO score (which you will have to wait at least 2 months or your second statement to view it), I decided to apply for a Discover card.
*TIP: Discover card has no annual fee!
As of today, six months since I started building my credit, I finally feel like somewhat of an adult? We'll see how that goes in another six months. :)