female red head in blue jean jacket and white shirt smiling holding first credit card against white background

Foundation Credit Union in Springfield, Mo Offers Advice For Your First Credit Card

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Beginning the journey of building your credit is an exciting one, and can be a lot of fun. If you’re not careful though, it can be filled with money mismanagement woes. 

Our team at Foundation CU in Springfield, Mo is here to offer some advice as you endeavor to open your first credit card.  

 

Start As Soon As Possible

Building credit is a long-game endeavor. The point of opening a credit card is so the credit bureaus can watch your spending patterns over time. 

They want to see that an individual can handle the option of having more money responsibly. Meaning, not maxing out your card, and paying the balance each month. 

If over time, your habits show that you can handle this responsibility, then the option of balance increase will present itself, as well as additional borrowing opportunities. Your credit score will climb as well, which is a good thing. 

Buying a house is done by borrowing money. Buying a car is done by borrowing money. Paying for school is often done by borrowing money. Most of the USA’s expenditure system is built on the credit system. An individual’s responsibility in this system is measured by how high their credit score stays over time. 

This is why it’s imperative to start as soon as possible. If you have a season in life where your card stacks up, or you miss payments, it affects your credit score. 

Everybody struggles, so it is perfectly natural to require a credit recovery period before making a large purchase, but having the time to do this is important. 

 

Do Your Research

The benefit to living in a society run by technology is the ability to use that technology to your advantage when it comes to consuming. 

Just as price comparison is important in online shopping, it’s also important when you are browsing the market for the perfect credit card for your life situation. 

Nerdwallet is an incredible money and budgeting site that specializes in providing comparisons of the nation’s “best” financial options across the market. Using a site like this to review your options before choosing a card is the smartest way to enter the credit system. 

 

Look For Deals That Suit Your Situation

Nowadays there is a card for everybody. If you are looking to recover from poor spending patterns, the secured credit card is your best option. 

If you are a college student looking to embark on the first-time credit card journey, the student credit card through your bank of choice is the way to go. 

If you are a parent looking to build your credit while teaching your teenager fiscal responsibility, the family credit card option is the way for you. 

Don’t settle for the first card you see. Look at your life situation and do the research. You’ll find cards that offer rewards based on your lifestyle. 

 

Foundation CU Cares About Your Credit Journey

Our team at Foundation CU cares about your financial journey and peace of mind. If you’re seeking additional information on personal loans, credit cards, or information on how to become a member of our credit union, we’d love to hear from you. Reach out to us online to complete our member application, or give us a call at (417) 895-2772.

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