Start building your credit

Some people, including those in undeveloped adulthood, prefer to avoid the issue of credit because they find it too complicated and not worth your attention. But the truth is that you should not postpone it. If you've always had a credit card or loan, your record is blank. Therefore, it is not recorded anywhere that you can handle credit responsibly. This can affect you when applying for credit in the future, both for a card or personal loan, as well as when you want to buy a car or a home.



Start generating: 

 1. A bre a deposit account -  Should you wish to obtain loans or any credit card in the future, you should start by opening a deposit account. While this won't necessarily help you build credit, having a good relationship with a financial institution could help you get a loan in the future, or even your first credit card. Check the available alternatives and the requirements that you must meet when opening an account at popular.com/cuentas.

 2. Or get a credit card or a secured loan - There are credit cards that are intended to help you build your credit history. Similarly, a secured loan can contribute to this purpose. Once you have obtained one of these two options, it is  very important  that you always make your payments on time. For both products, you possibly will need a qualified co-signer. That person will also be responsible for what you request. The minimum requirements for credit products at Banco Popular are to be a resident of Puerto Rico and be 21 an age of age or older. If you be present under 21 years of age, you must present a certificate of emancipation or marriage. Other necessities may apply depending on the product that interests you.

 3. Use the card very carefully:  To establish a good credit history, try to use the card sparingly. Pay with it only the amount that you can contribute monthly. It is recommended that you do not use all the available credit, this way you show that you manage your debts responsibly and you will improve your credit score.

 4. Or reports dena credit -  There are agencies that can order reports from your credit history. The three national corporations are Equifax, Experian, and TransUnion. Afterwards using your credit for six months, check how your history is going. Check the positives and negatives so you can correct what you are failing in.

 5. Explore other credit products - There are other products that can help you build credit history with the backing of a qualified co-signer. Our bank officers are ready to guide you.

This process of generating credit takes time. You must be responsible with your financial decisions and have a lot of patience because the top way to build your credit is little by little. This will help you build a solid track record, without overcommitting to large loans or too many cards. Remember, that the way you manage your credit today is the basis of what your financial life will be.

Do you want more advice for your financial future? Access here  to see video about these strategies.  For more information on credit, access  here  and visit our Banca101  section  for tips that will help you achieve your financial freedom.

The content of this material is provided intended for informational and educational purposes only and may not be applicable in all situations. Its content should not be construed as instruction of any kind or as a suggestion to take (or inhibit) any precise action. The material and overviews included are designed to help you appreciate some of the influences that you should normally consider when evaluating the relevance of any financial strategy. It prepares not include or take into account all factors that may be relevant to your individual financial needs. By as long as this information, we assume that you are able to evaluate this information and exercise your independent judgment.

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