May 12, 2021 / Credit
When financial times get tough, credit scores can suffer. It’s one of the unfortunate facts of financial life. But having less-than-perfect credit (or no credit) doesn’t have to disqualify you from the kinds of quality loans and financial services that can help you both live your life and build your credit. Here are 3 ways to build or rebuild your credit with the help of Utah First.
If you have no credit or less-than-perfect credit, qualifying for a car loan can be difficult. You either get stuck with a car loan with an extremely high interest rate, or you’re forced to buy an inexpensive, unreliable car that requires constant repairs. Thankfully, there is a better way to build credit. Utah First offers quality car loans to first-time buyers or those with limited credit, so you can buy the car you actually want with a loan that can actually help you save money and build your credit.
Making purchases on a credit card every month and paying your bills on time is a good way to build credit over time. But if you have less-than-perfect credit, you may have a less-than-perfect credit card with a less-than-perfect (i.e. low) limit. The problem with these types of credit cards is that every time you make a purchase you run the risk of maxing out your credit limit, which makes improving your credit even more difficult. At Utah First, we can help you find the right credit card with the right credit limit for your income, so you can work to build your credit score without worrying about making a payment after every purchase.
Speaking of maxed out credit cards, if you’re carrying a balance on more than one credit card, consolidating your debt into a single loan can help you build/improve your credit score. A debt consolidation loan combines multiple smaller debts with several creditors or lenders into a single loan through Utah First. This helps you pay off debt faster with a lower interest rate and more manageable payments, while simplifying life and avoiding the credit consequences of high balances and missed payments on your other accounts.
The best place to start building or rebuilding your credit is by finding a financial institution that’s a good fit for you. Especially if you’ve been denied loans in the past by other financial institutions, this should be the first step in your journey toward building a better financial future.
At Utah First, we won’t judge you for your past credit mistakes or treat you like just another number. In fact, we want to work with you, no matter your financial history. We approve all credit types and we can help you find the financial products and accounts that will work for you and help you on your way to improving your credit.
Visit with one of our friendly, totally non-judgmental financial experts to start building better credit with a financial institution you can trust to treat you right.