Whether you’re just starting out or recovering from years of financial mistakes, building your credit can seem like an impossible task. One the one hand, everyone expects you to do it. Moneylenders, landlords, and even employers can refuse to work with you if you have bad or limited credit. But on the other hand, if you don’t get someone to lend you money, you can’t build your credit in the first place.
Literally, you need to build credit to borrow money, and yet you need to borrow money before you can build credit. So where are you supposed to begin?
Well, even in a country where less than 1% of the population has a perfect credit score, not all hope is lost. You can begin to build or rebuild your credit starting from scratch. You just have to know where to look.
And one place you can look is Okinus lease-purchase programs.
Lease-Purchase Programs for Building Credit
Much more than the perfect way to get a new couch, Okinus credit solutions offers no credit needed financing. As you make your payments on time, they report your positive payment history to credit bureaus.
This means that you can participate in lease-purchase programs with poor credit or without any credit history at all. But even though they don’t require a credit check and provide bad credit financing, you will still get credit for positive payment history on your credit report.
Other Benefits of Lease-Purchase Programs
In all honesty, boosting your credit score is a secondary benefit to using a lease-purchase program. The best thing about lease purchasing is getting to furnish your home with the appliances, electronics, and furniture you need on terms you can afford. For someone who just rented their first apartment, it’s a cost-effective way to get the essentials they need for their home.
Other Ways to Boost Your Credit
Of course, financing is only one way you should be building credit. Apps like Credit Karma and Experian Boost expose potential problems in your credit reports that are holding your score back. They also recommend ideal next steps for improving your credit. With Experian Boost, not only can you monitor your credit more closely, but you can submit the bills you’re already paying regularly to have these placed on your Experian credit report. This by itself can improve your score by several points.
As you start using apps like Credit Karma, one of the primary recommendations they’ll make is for you to open new lines of credit with credit cards. This is helpful for increasing your available credit and boosting your score, but it’s important to keep in mind that you need multiple types of debt on your credit report. Credit cards — a form of revolving credit — is just one kind of credit. Having multiple kinds of credit, such as mortgages, auto loans, and store financing programs, can help fill out your credit report.
As you build your credit, it’s imperative that you make all payments on time. There’s no point in taking out additional loans to build your credit if you can’t afford all the payments. You should set up calendar reminders on your phone or computer so you never miss a payment deadline. If you can, set up automatic payments for every bill you receive so you don’t have to think about it at all.
Learn Everything You Can About Money
If you’re new to the subject of credit and credit building, some of the terms used in this article may have confused you. The problem most people have when they start trying to manage their finances is that they were never given a real, working financial education.
The single most important thing you can do for your credit and your future is to learn about money. Look up the top-rated money books written by experts who practice what they preach. If you hate reading, download the audio versions. You may think that money is a boring or complicated subject, but it doesn’t have to be. If you really care about getting your finances in order, you should have no trouble finding the information interesting.
By following these tips, you’ll soon have your credit and your entire financial life on-track to success.