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Tips for Establishing Credit

Building credit takes time, so it’s important to begin building your credit before you really need it.

OPEN A BANK ACCOUNT
Establish banking relationships: Opening a checking or savings account is a good first step to establish a financial history. Use the account wisely and keep your account in good standing: this tells a lender that you can manage your money.

BE CONSISTENT
Lenders look for a stable source of income, work history and place of residence. The ability to hold a steady job can improve the likelihood of getting approved.

GET A CO-SIGNER
Applying with a co-signer may help you qualify for better credit terms. Your co-signer also takes responsibility for payment. That means any default payment on the account will also affect the credit of the co-signer.

SECURED CREDIT CARD
Apply for a secured credit card. A secured credit card works just like any other credit card, but it requires a collateral account. Your credit line will be the same as the amount in the account.

STORE AND GAS CREDIT CARDS
These may be easier to obtain than regular credit cards; they typically have lower credit limits. These type of cards can carry a high interest rate, so it is best to make small purchases and pay the full amount to avoid the high fees. This also will help build a profile on your credit report of responsible credit use and reliable payment.

UTILITIES IN YOUR NAME
Even without a credit history it is possible to sign up for utilities in your own name. Consistent on-time payments show you can manage your money.

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COMPLAINT AND LICENSING INFO

Complaints may be directed to Hallmark Home Mortgage at 855.249.7731 or an email may be sent to: complaints@1hallmark.com

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7421 Coldwater Road Fort Wayne, IN 46825
888.490.1428 | 260.469.0900

Hallmark Home Mortgage, LLC (NMLS # 53441) is an Equal Housing Lender. Hallmark Home Mortgage is not endorsed by any government agency. Reviews and comments have been submitted by customers voluntarily, are solely the views of such customers, and have been screened by Hallmark Mortgage LLC prior to publication in accordance with our guidelines. Customers were not compensated for their reviews/comments but were informed that the submittals may be used in Hallmark Mortgage LLC advertising. Hallmark Home Mortgage, LLC (NMLS # 53441) is not licensed to originate in all states. All rights reserved. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. This is not a commitment to lend nor an offer to enter into a rate lock agreement. Terms, conditions and programs are subject to change without notice. Certain limitations apply. Contact us for additional details. Not all offices are licensed in all states. Visit: https://www.hallmarkhomemortgage.com/disclosures for complete licensing information. Through UnitedHealthcare, UMR and HealthSCOPE Benefits creates and publishes the Machine-Readable Files on behalf of Hallmark Home Mortgage. To link to the Machine-Readable Files, please click on the URL provided: https://transparency-in-coverage.uhc.com

Menu
  • Home
  • About
    • Leadership Team
    • Homebuying Process
    • Careers
  • Meet Our Team
  • Loan Products
  • Resources
    • Manage Account
    • Mortgage Calculator
    • eHome
    • Contact Us
    • Purchase
    • Refinance
    • New Construction
    • Homebuying 101
    • On Time Guarantee