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Oklahoma Money Matters
Tips of the Trade

Establishing a (Good) Credit History


When you don’t have a credit history, it can be difficult and frustrating to establish one. Some places aren’t willing to give you credit if you don’t have credit. How can you establish credit if nobody is willing to give you any?

Establishing a good credit history takes time and commitment. Here are some tips to help you get started.

Open a bank account. Unfortunately, this won’t appear on your credit report, but your bank account history can be an important factor when lenders consider giving you a credit card or loan for the first time.

Apply for a credit card. Start small; apply for one card with requirements you’re likely to meet. Department store or gas station credit cards are usually easier to obtain than a bank-issued card.

Plan before you purchase. Before you use your credit card, you’ll want to make sure you’re able to pay off the balance at the end of the month. Use the ‘cash on hand’ rule: only charge what you currently have cash to pay for.

Charge a purchase. Use your credit card for purchases, then pay the balance on time and in full. Once the card is active, your credit behavior will be reported to the consumer reporting agencies. It’s vital to maintain a favorable payment history, which will help you build a positive credit record and increase your credit score.

 

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News & Events

OKMM's May/June 2009 Newsletter

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June is Homeownership Month

In celebration of June as Homeownership Month, we’re highlighting resources currently available to you whether you already own a home or are considering purchasing your own humble abode. <more>

Jump$tart Releases New Survey Results

The Jump$tart Coalition® for Personal Financial Literacy has issued a report entitled, “The Financial Literacy of Young American Adults” that provides results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students.

According to the report, the financial literacy of high school students has fallen to its lowest level ever, with a score of just 48.3 percent. The average score for college students on the same 31 question exam, however, was 62.2 percent.

Read a book, Win $5,000 apple and books

Getting your child to crack a book this summer could lead to $5,000 toward his or her college savings through the Be Creative @ Saving for College Sweepstakes. Sponsored by the Oklahoma College Savings Plan and the Oklahoma Department of Libraries, the sweepstakes runs from June 1 through July 31. For more information or to enter, visit www.ok4saving.org.

Freshman Orientation Services

A recent study released by Noel-Levitz found that 29% of first-year students surveyed had financial difficulties they deemed distracting or troublesome. To help empower students with the skills necessary to manage their money during school and transition successfully to financial independence after graduation, OKMM offers relevant, entertaining and educational freshman orientation workshops and materials for our campus partners. <more>

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Money Talks Podcasts

Check out OKMM's podcasts for college students called Money Talks. Topics covered include budgeting, saving, consumer credit, FICO scores, living on a college budget, financial aid, identity theft and student loan management.