Wealth Building Way Academy has launched a new guide to credit score building for teenagers. It highlights that the best time to get started with credit is 18.
A new guide has been launched by Wealth Building Way Academy focusing on how to build credit at a young age. Their specialist team recommends developing credit-building strategies from the age of 18, which allows for optimal growth and benefits.
More information can be found at: https://wealthbuildingway.com/how-to-build-credit-when-you-turn-18/
The newly launched guide helps to meet demand for expert and informative content on credit score development and finance management. This is one key area where many teens feel a lack of education is impacting their life.
Although turning 18 may mark the beginning of adulthood, certain adult goals can still seem distant. These include buying a house, getting a car, or taking out a loan. The new guide reveals that even if readers aren’t intending to buy a house in the near future, building the credit it takes to make these large purchases is best started at 18.
The new guide highlights that a positive score is not built overnight. It’s for this reason that building credit from the age of 18 is the best way to ensure that the client has enough credit history when they need it.
However, the process of getting started with credit building can be stressful. Often it feels like a paradox, because taking out a line of credit in the first place sometimes requires a credit score to be approved at a favorable rate.
There are a number of things that 18-year-olds can do to plan for finance management and credit growth. These are all detailed in the newly launched guide, and include understanding how credit is built, getting a first credit card, becoming an authorized user, taking out a credit builder loan, getting a student loan, and managing credit wisely.
The team explains that a credit score is a representation of how trustworthy a client is with borrowed money. Major credit bureaus receive payment information from loans, credit cards and sometimes bills, and this data is used to calculate the score.
Primary factors that influence the score are payment history, age of credit and type of credit, credit utilization ratio, total balances and debt, and recent credit inquiries.
Full details of the newly launched guide can be found on the URL above.