Join a Credit Union and Work to Improve Your Credit Score
Posted by LorMet Webteam on Fri, Jul 16, 2010 @ 12:31 PM
Times Are Hard With Credit Cards
With the changes in the economy and everyone tightening their belts, corporations included, many young adults are finding that it is not as easy to get credit as it once was. Gone are the days when credit card companies set up shop on college campuses and gave credit cards to nearly anyone who signed up. Young adults are finding that a credit card is not a right, but a privilege.
USA Weekend Magazine recently reported the results of a FindLaw.com survey that stated "22% of 18- to 34-year-olds were rejected for credit in the past year."
Although everyone may tell you to save more and spend less, you might still need a credit card at times. Plus, you will want to build a better credit rating if you have been rejected for a credit card. What can you do?
Check Your Credit Report
USA Weekend advises you to check your credit reports so you know exactly why you were rejected and what kind of score you have at present. If you do not know what a good credit score is, that information can be found online easily.
Improve Your Credit Score
They also suggest that you work to improve your credit score. One way to do this is to pay your bills on time. If you are likely to forget, set up electronic reminders or find some other system that will keep you on track.
Join A Credit Union
And of course we here at LorMet Community Federal Credit Union really like their last piece of advice: Join a credit union.
Since credit unions are locally owned they may be more likely to consider giving you credit if you have no credit history or your credit history is less than ideal. Also, credit unions are a great local resource for information on how to manage your finances. Stop by a LorMet branch location and talk to us--we would be happy to help you look at ways to improve your financial outlook.