It Turns out a Student Loan Isn't Enough to Build a Decent Credit Report (cont.)
Contributed by Roland Head
It doesn't take long to get a reasonable credit report.
I only had my American Express card several months before I was advised to reapply for a home loan. My credit report was substantial enough to get the loan this time around. I believe the actual time was about six months.
Of course, when you get the small time credit, it's essential that you make good on it to secure your favorable credit report. I promptly paid all my balances each month in full. Even though the turnaround between statement receipt and due date is tight on my credit card, I never missed a deadline.
When I saw that building a credit report meant more than just paying off all incurred debts, I elected to get several more credit cards including two Visa cards. I did notice that my application was slightly delayed for one of these cards, for like the bank, they wanted to see more credit history.
To get credit you have to have credit.
