How the “Credit Invisible” Can Be Seen By Lenders

Описание: Howard Dvorkin, CPA, explains the do’s and don’ts of building credit from scratch.

Dvorkin says having no credit is almost as bad as having bad credit.

“It’s hard to lend somebody money when they have no prior history,” Dvorkin says. “You have to ask yourself, ‘Are these people going to pay me back?’”

Dvorkin advises “credit invisible” people with a few tried and true tips and pitfalls to watch for.

“Secured cards are terrific, but beware, some report to the credit bureaus while some do not. Make sure you get one that does,” Dvorkin explains. “I always tell people to open a store charge card – but never carry a balance because they charge a lot of interest. Some ‘experts’ say to get a credit builder loan. I don’t like that because you’ll pay interest. You can accomplish the same with a store card and paying when the bill comes in.”

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