Solano Real Estate Scene: Here’s how to have a 700 FICO score in 6 to 12 months

If there is one thing you can teach your children when they graduate from high school, it is how important it is to have high credit scores. Assuming a person has absolutely zero credit, the best way to get started is opening two major bank card accounts. If the bank or credit union denies the application for these two bank cards, then I strongly suggest getting two secured credit cards with your local credit union. Deposit $500 in each account to secure the two credit cards and then use the cards every month, and be sure to pay off the charges in full every month on time before the deadline. If your 18- to 22-year-old has no money, then I suggest you lend them the $1,000 to ensure they have 700-plus credit scores within 12 months. The credit union or bank will release the $1,000 security after a year or two, and if the young person performs, which I recommend you monitor, they could have a 750 FICO score within 12 months. With that established, your adult child will get better rates on car loans and home loans moving forward. You will not need to co-sign for them to get an automobile and maybe more importantly, they won’t be living with you till they are 35. You do not want to bail your adult child out of financial problems because they borrowed a bunch of money at 18 to 30 percent. Financial literacy is critical for young people and when your children have financial problems they tend to become their parents’ problems.