Credit cards for credit builders: what are your options? – Part 3

Posted on by Richard the MBA

Option 3 for credit builders: secured credit cards

I have previously described my personal experience with Bank of America’s Bankamericard Cash Rewards secured credit card. A secured credit card is a risk-free way for financial institutions to extend you credit: the money you deposit is also your credit limit. In other words, you spend your own money; the bank doesn’t lend you anything. Yet you still have the opportunity to build up your credit profile by making on-time payments which would be reported to the Consumer Reporting Agencies (CRA’s). Continue reading Credit cards for credit builders: what are your options? – Part 3

Credit cards for credit builders: what are your options? –Part 1

Posted on by Richard the MBA

When I opened this blog, I had in mind the picture of myself back in January 2012, half a year out of college, and having no credit. Today, it is about a year from that, and many from the next generation of college graduates are probably having the same credit situation as I was. I was lucky to be well-guided by knowledgeable friends, and I thought it’d be my turn to provide a mini-guide for those looking to obtain their first credit card.

To recap what I wrote in my most popular post to date: Introduction to personal finance, here are the 3 main reasons you need a credit card in order of importance: Continue reading Credit cards for credit builders: what are your options? –Part 1

Personal Finance 201: Introduction to credit scores

Posted on by Richard the MBA

OK, the credit score. This is perhaps the most controversial topic and most confusing element in the credit history universe. Humans in all stages of their history, have been easily fascinated by numbers, and today still retain a subconscious desire to summarize almost everything in hard numbers. What’s the temperature today? What grade did you get from the econ class? How many days are left till summer? Don’t we all love numbers! Continue reading Personal Finance 201: Introduction to credit scores