The worrying national statistics about credit card debt and lack of savings need not apply in Greenville
It is difficult to establish credit when you are just starting out. What's more, having established credit seems to be an unwritten requirement of being an adult. There are some good choices to help you establish credit in a careful, safe and affordable way.
College students are often the target of predatory credit card companies. They haunt college campuses imploring students to sign up. Schools like Furman University and Greenville Technical College have a hard time combatting these companies. If a credit card appeals to you, shop around for low annual fees and low-interest rates. There are cards that you can fund yourself. This might be the best way to go. But if you do your research and sign up for a traditional credit card pay off the balance each month. Spend carefully and only buy what you know you can pay off each month.
Other credit risks for college students are student loans. When you graduate and are starting to work, your payments can be nearly the amount of your paychecks. You can refinance them and lower your payments to a reasonable level. Companies like www.sofi.com and www.credible.com can help.
Greenville, South Carolina has local, unsecured loans lenders like Credit Central. www.creditcentralllc.com Unsecured lenders unlike secured lenders, have nothing to repossess should you not make your payments. Secure assets are homes or cars. If you are working full time, making at least $1500 per month, you agree to set up direct deposit with your bank, and you are at least 18 years old, you will likely qualify for an unsecured loan.
Buy a car. You can also establish credit by purchasing a car. You must be working and have income to qualify. If you don't qualify by yourself, you might add your parent or another responsible adult to the loan. The lender would consider the income of the cosigner as well as your income. Please know that you are also required to have insurance on your vehicle. If you purchase a used car, it may be possible to only have Liability insurance on the vehicle. Companies such as Geico, www.geico.com have very affordable rates for Liability insurance.
Buy a house. First-time homebuyers have many great benefits they enjoy when purchasing their first home. Low down payments are one benefit for first-time buyers. HUD is active in South Carolina South Carolina HUD and is a great resource for first time buyers. You must be employed and have income to buy a home. Good credit is also a plus.
It can be challenging to establish credit when you are just starting out. There are many opportunities for credit hits. When you are still in college, credit card companies stalk you and student loans can overwhelm you easily. Being careful to shop for a credit card with low fees and rates can help. Refinancing your student loans can allow for lower payments bringing them into line with your income, saving you money. You might qualify for an unsecured loan if you meet their income, employment, direct deposit and age requirements. Buying a car will establish credit with your income. And, finally when you are ready to buy a house, there are beneficial programs and resources to reward you for your decision.