There are many different kinds of credit cards available. Bank credit cards, Sears, gas credit cards – but the one that we most often refer people to is a Secured Credit card.
Why is that? Because when you don’t have much credit built up, a secured credit card is sometimes the only kind of revolving credit you can get.
Most American’s who are graduating from colleges, and we have over 25 colleges and Universities within 25 minutes of us here in Raleigh, graduate with some sort of Student Loans hanging around.
Student loans are also Installment loans – just like a car loan. Because SOOOO many of those are in deferment, and the credit scoring models can’t figure out what is going to happen with all of that installment debt – they give more points to folks with credit cards.
So, if you are looking for a credit card, we suggest the following, to help raise your credit score so you can buy a house:
- Use Bank credit cards before store credit cards
- Keep the balances down on your credit cards to less than 30% of your available credit.
- If you don’t have any credit cards, get 2 or 3 secured credit cards as soon as possible. There will likely be some fees associated with obtaining a secured card, just know that it will likely be worth it!
Call Steve and Eleanor Thorne 919 649 5058 for more information about how Secured Credit Cards could help you raise your credit scores, and qualify to buy a house in NC! Remember the minimum credit score to buy a house in NC is as low as 580!