If you are young, you want to start developing good habits now, so when you are ready to make a major purchase you have a few
years of good credit history.
Discussing the
importance of a good credit history and how a bad one can get in the way of future borrowing, whether they need to buy a car, rent an apartment or get a mortgage for a house, is an important part of helping kids understand money.
To better your odds at getting approved, we suggest borrowers have sufficient income to support the loan they're seeking as well as several
years of good credit history.
To improve your chances, we suggest you have a credit score of at least 700, several years
of good credit history and high income (the median annual income for SoFi borrowers is around $ 100,000).
One way many Americans do it is to be added onto a family members credit card as an «authorized user» — which can help give
you some of their good credit history.
Getting a card in freshman year and listening to the words of wisdom in this post will already give you a solid 4 years
of good credit history.