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3 Good Ways to Establish Credit and 4 Ways to Improve It

3 Good Ways to Establish Credit and 4 Ways to Improve It

Posted On: August 13, 2019 by Falcon National Bank in: Your Financial Life | Personal Banking

Did you know… The average FICO score in America is 695 and the average Vantage score stands at 673. [source] Less than 1% of the population has a perfect credit score of 850. [source] Only 41% of Americans understand that a credit score measures your risk of not paying a loan, according to a joint survey from the Consumer Federation of America and VantageScore. Credit is important for pretty much all facets of adult life. Credit can be impacted by a number of different things. If you’ve been turned down for credit or you’re looking to buy a house, credit is pretty important. But if you are just starting out, how do you establish credit? And once you do, what are some things you can do to help build that credit score? Here are a few ideas. Become an authorized signer on someone’s credit card A young adult that has not yet established a credit rating can be added to the credit card of a family member or spouse, and the activity on the credit card

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