What is credit journey

Credit Website: Answers to all your Credit Questions and Credit Situations

What is credit journey

What is credit journey

What is credit to you? Is it the gas you put in your car, or the payment you send in on your house? It can be as large as house, or as small as the ring on your finger. Chances are we all have partaken of credit at some point in our life, or will soon need it in the future. We must face the reality, it’s here to stay.

America has become a credit based country, meaning that the majority of the things purchased here are financed with some type of loan from a bank. Credit is not a bad thing, without it a lot of us would not have the cars we drive, the homes we live in or the vacations we take our families on. It has become a way of our lives. The ones, who learn to manage their credit the best, have the most. The ones, who let credit manage them, seem to have the least. Credit has to have a boss, and that boss is you.

We all start at the same point; we have no credit score, nothing on our credit report and no inquires. A clean slate you may call it. From this point we seem to head in many directions, often with little or no guidance at all. Once we get it, then we try to figure out what to do with it. If you’re not careful, it’s got you. Let’s all ask ourselves a question? Do I have the money on hand to purchase a home in full? Am I able to go down to the car lot and drive home the car I want without having to make payments? Will I have the money to get a washer and dryer when the ones I have go bad? If you answered no to any of these questions, then you are going to need to get credit at some point.

Obtaining that first piece of credit is a great step; you are now on your journey. That’s right, you are on the journey, the journey is not over, it has just gotten started. Just like life has many up and downs, your credit profile is the same way. It only takes a moment to turn all the hard work you have done upside down. Remember bad things happen to good people, just because you have a bump in the road does not mean you cannot recover from it. Good credit can turn to bad credit, and bad credit can turn to good credit. Education is the key, and the following articles will assist you in all you credit needs.

what is credit journey

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Start Off Your Credit History Right with Journey Student Rewards from Capital One

What is credit journey

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What is credit journey

College students starting out in the world of credit often face a pretty substantial roadblock: no credit history to establish a credit history. Cards like the Journey® Student Rewards from Capital One® offer students the opportunity to get a foot in the door, without paying many of the fees associated with other student credit cards. (See also: Best Credit Cards for College Students)

If you are a college student the Journey Card may be a great card to start your credit journey.

Get 1% cash back on all purchases made with the card, plus an additional .25% cash back every month that you pay on time. You can earn an unlimited amount of rewards which do not expire unless the account is closed.

You can redeem your cash back as either a statement credit or check at $25. Capital One also provides the option to set up automatic redemption so that you receive your cash back at intervals or thresholds that you determine. For example, you can set up your automatic redemption at $25 or $50 intervals or on certain dates each calendar year. You can also redeem for gift cards which are available for as low as $20.

Credit line increase. If you make your first five monthly payment on time, you may be eligible through Credit Steps, to receive a credit line increase.

  • $0 Annual Fee
  • 24.99% variable APR
  • $0 Balance Transfer Fee
  • $0 Foreign Transaction Fee

Average credit is okay. Students often find approval for credit cards difficult. The Journey Card is designed for students who have "average9quot; credit ratings and are not able to get approved from other card issuers. This not only allows you to establish your credit, but also carry a credit card for emergency purchases that can earn cash back.

No fees. This card provides an opportunity to earn cash back without worrying whether you earn enough to pay for the card, plus you can transfer a balance from a card with a higher APR without paying the typical fee of 3%.

No purchase categories. Some cards award more cash back but only when you use your card for purchases in certain categories. Purchases made outside of those categories generally earn 1% cash back. The Journey Card allows you to earn a flat rate of 1% on all purchases made with the card, plus you can earn an additional .25% just for making your payment on time each month.

No foreign transaction fee. Some credit cards carry a foreign transaction fee of as much as 3%. This can be a considerable fee if you use your card for traveling abroad or making foreign purchases. One of the best features of Capital One credit cards is that there is no foreign transaction fee at all.

High APR. The variable APR is among the highest APR charged by most, if not all, other student credit cards. If you pay your balance in full each month you can avoid paying interest on your purchases. However, if you carry a balance from month to month, you should instead opt for student cards with lower APRs.

The Journey Student Rewards card is best for college students who have average credit and are diligent in paying balances in full each month. It is also best for those whose purchases vary from month to month because of the flat rate of rewards you earn from all purchases made with the card. If you frequently travel abroad, the card is also ideal because it is one of the few student credit cards which does not charge a foreign transaction fee.

6 Things You Should Know About Your Credit Score

Credit is important if you want to accomplish things like leasing a car, renting an apartment, getting a job or getting approved for a credit card. Most banks and creditors will look at your credit score to assess whether they should give you a loan or not. Building a credit history and maintaining a good credit score can have a big impact on your future.

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What is credit journey

2. What can a good credit score do for me?

With a good credit score, it enables you to apply for a credit card, take out a loan or even rent an apartment. A good credit score encourages lenders to loan you money. You may be able to get a lower interest rate on a credit card, saving you money to put in your pocket or help while repaying your balance.

Everyone has their own history of financial transactions in their name that add up to an overall score. Credit agencies keep records of your history of payment, how many credit cards you have, how much you owe and other factors. Based off of these, a number is generated by each credit bureau to allow lenders to determine the risk of lending you money, also known as your creditworthiness. With different scoring formulas available, it’s important to know what is taken into consideration. Some of the common factors that make up your credit score are your payment history, the number of open accounts you have and how long you’ve had each account open for.

4. What if I don’t have a credit score?

Not having a credit score isn’t a bad thing, it just means you’ll have to start accruing some debt, paying it off and building your credit file. If you’re new to credit, there are a few things you can do to get started. One thing you can do is apply for a credit card that is aimed at new users, such as a secured or student credit card. If you are a student, there are credit cards designed with you in mind that offer tools to guide you through your new credit card journey, a moderate credit line to encourage responsible spending, along with rewards tailored to your spending needs.

5. How do I build or establish credit?

Practicing good spending habits can help build your credit history. Begin by making smaller purchases and paying them off on time. Payment history is a significant portion of your credit history. Creditors pay close attention to whether or not you make your payments on time. If you have a credit limit on your card, keep your balances well under your credit limit. Also, keep the number of credit cards you have to a minimum – every new credit card is another item for creditors to review.

6. How can I watch my credit score?

There are a few simple ways you can monitor your credit report. Each year by law, you can access your credit report from each of the three major credit bureaus at annualcreditreport.com. Be sure to check for any errors such as late payments, amounts owed associated with your accounts and even your personal information. Any change in your credit report usually takes around a month to reflect in your credit score. Set up reminders for payments and consider automatic payment schedules to avoid a late payment.

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Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.

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