credit report - Building Credit While in the Military

Most people who just join the military are in an enviable position of having very little or no established credit. While this may seem like a bad thing, it actually puts you in a great position to build good credit. It is much easier to build good credit then it is to repair it so now is the time to thoughtfully establish some and maintain it to improve your credit rating. The military offers its service people an advantage. Lenders like the fact that you will have a guaranteed paycheck for four years and are more apt to extend credit for the first time. The first thing you should do is receive a copy of your credit report. There are three primary credit bureaus, Experian, Trans Union and Equifax that supply credit reports. It is advisable to get a credit report from all three. You will then need to analyze your report to see if it is accurate and what it says. If there are items on there that you are unaware of, now is the time to clear it up. With identity theft so prevalent today, even though you may not have credit, someone else may have gotten something in your name. Then, you will need to open a bank account. Navy Federal Credit Union, NFCU is a good place to start for United States Navy service members. It is advisable to open both a checking and savings account. This will show stability and allow you to pay bills and function much easier. Deposit your paycheck into your checking account and take a portion every pay period to put into your savings account. Do not touch the money in your savings account. Instead, let it grow and accumulate interest. Keep an eye on your checking account and do not let the balance get too low. Always balance it and make sure you do not bounce any checks. You will want to apply for a revolving charge account. Types of credit that are good to get in the beginning are major credit cards like MasterCard, Visa or Discover. These will allow a lower interest rate and will help start you on a history of good payments. The trick is to not charge more than you can afford to pay off completely. Use the card for small purchases and pay the majority off each month. However, do not always pay it off entirely. You want to establish a good credit rating so be sure you do not pay late. Not only will it increase your interest rate and add finance charges but you will reduce your credit score. Establishing good credit takes discipline, something you should be familiar with in the military. Taking the time to build it now will hold you in good stead throughout the years and will enable you to get bigger loans when you need it. Eventually you will need a car and a home. If you have good credit you will be able to get approved for a loan more easily and get lower interest rates. NavyMoney.com gives those who are in the United States Navy alternatives to Navy Federal Credit Union for building credit. Article Source:http://EzineArticles.com/?expert=Jared_Croslow credit report - Obtaining Your Credit Report Safely - Find Your Score Check Your Rating Are you among the millions of Americans who owe money and are having difficulty paying off your debts? Well, the right place to start when you are looking to get out of debt and improve your credit rating is to get a current copy of your credit report. However, before you look for help online, there are a number of things you need to be aware of so that you do not get burned. You should be wary of agencies that offer to help by providing you with credit counseling. There are many scams on the internet involving companies that will promise you the moon and not deliver - or worse. There are three highly reputed agencies that offer credit reports. The two that I am familiar with are Equifax and Transunion, but it is a good idea to get copies of your credit report from all three when trying to repair your credit score. I am also aware of another one that is very well-known, but is one to stay away from. It's www.freecreditreport.com. I say that because McAfee Site Advisor warns this site may contain misleading information and should be approached cautiously. Whatever you do, avoid websites that you know nothing about when trying to get your credit report because you will need to give sensitive personal information you do not want ending up in the wrong hands. Stay away from those sites offering free reports, as they may fall into that category. It's well worth it to pay a nominal amount to an agency that you know you can trust. It is never worth the risk of compromising such important, private information. Should you happen to find yourself in a situation where either you or your spouse have been denied financial assistance or employment due to a poor credit rating, the same advice applies. Always make certain that you go through a reliable agency to obtain copies of your credit reports. Fortunately, in such situations, you legally have the right to review your reports to see what was on them that led to your rejection. However, you only have a limited time in which to do this, so be forewarned. In most cases, the letter of rejection contains this information, in addition to agency contacts where you can go to obtain the details of your credit scores. Getting your credit report is the first step on the road to mending your credit score, and having the knowledge of where to go to get it makes an often frustrating task that much easier.