I often advise my clients who have a minimal credit history to open a couple more accounts to help build their credit scores. This does not mean, however, to abuse these cards. I generally suggest a department store charge card that they charge as little as $20 on, pay off in full at the end of the month and then put away for a while. The goal is for these accounts to build a 24 month history.
The idea to build more credit is great in many circumstances, but can be dangerous in others. Want to know what they are? Drop me an email at jeff@somloans.com. It could change your future…
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