Being a single mom can be tough. Knowing how to build credit fast can help you come out of a tight spot in life.
1. Keep an eye on your credit score and report. Check and report any suspicious activity that may be hurting you.
2. If you don't qualify, get a parent, partner or friend to co-sign or authorize you as a user on their credit card.
3. Work on building credit by boosting your score. Maintain the total borrowed amount at 30% or less of the limit.
4. Ensure you make all your monthly payments on time. All of them. Your payment history is crucial for good credit.
5. Pay down any high-interest debt as a priority. This will show lenders that you are responsible with your money.
6. Don't open too many accounts. These will trigger hard inquiries on your report and drop your credit score.
7. As single moms, you may want to pay off old credit cards as a saving move. Keep them open for your credit history.
With these steps, single moms can buy a car or home, rent an apartment, and qualify for a loan for school.