Page 55 - Winning The Credit Game Bundle (CK Patrick)

WINNING AT CREDIT MIX 43

GROWING YOUR CREDIT PORTFOLIO

Starting with RentReporter.com, a Credit Builder Card, a Self-Lender
“loan,” and Kikoff will put you on the road to growing credit fast by
demonstrating multiple wins each month and a diverse mix of skills.
As your skills and your credit history grow, you will want to begin
adding additional lines of credit for multiple reasons. These will help
you build credit history faster; they will also give you more financial
security and allow you to invest in yourself as you obtain low-interest
credit cards and loans that can be used to cover emergency expenses,
go to school, or start a business.
Just know that, as you do this, you will want to follow a few simple
rules for best results:

1. Don’t take out loans you don’t need. You don’t want to
spend money you otherwise wouldn’t just to boost your
credit history. Instead, use SelfLender.com to demonstrate
your loan skills, and only take out loans when there’s
something you actually want or need such as a car, degree,
home, or business funding.
2. In loans and credit cards, play for the best possible interest
rate. The higher your credit score is when you apply for a
loan or credit card, the better interest rates and rewards you
are likely to be offered. And different credit card companies
and lenders will probably offer you different interest rates
and repayment terms when the time comes to apply. As
we’ve now seen, poor interest rates can cost you a lot of
money with no benefit to yourself.
3. Research at least six competitors before you apply. As we
mentioned in this chapter, hard inquiries that lenders
perform when deciding whether they want to lend to you,
and what terms they want to offer, actually harm your credit
score. For that reason, compare what different credit card
companies and lenders are offering to customers like
yourself before you apply, so that you can be sure to apply to