Your Credit History
You’ll need a good credit history throughout your life if you want a finance a car, get a home mortgage, borrow money to start a business, and more. But how do you build a good credit history?
- Open an Andrews Federal savings account with a Visa® Check Card. While this doesn’t directly affect your credit report, it does show that you’re managing daily finances.
- Apply for an Andrews Federal Visa and use it responsibly: don’t charge more than you can afford to repay, make payments on time (more than the minimum amount) each month, and don’t overcharge your credit limit. Keep only one credit card at a time to avoid the temptation to overspend. Don’t apply for an additional card just because the card company is offering a reward or bonus.
- If necessary ask a parent to co-sign your credit application. (Caution: the co-signer promises to pay your debts if you don't.)
- Use financial software to help you manage your finances.
- Use eServices available from Andrews Federal, especially Online Banking, where you can monitor your account online daily.