When you need money to buy a car, a home, or for a particular project, you have three options:
Set a goal, figure out how much money you can put aside, and how long it will take you have the amount you need.
- Example: $5,000 goal – set aside $100 per month and you’ll reach your goal in 50 months (4 years and two weeks)
- Use your savings
If you’ve been saving for a while, consider if this is the time to use your own savings.
- Apply for a loan or a credit card
If you need money, a credit product such as a credit card or an auto loan may help you reach your goal. Nevertheless, having a good credit history is essential. If you don’t have a good credit history, you can acquire certain products that can help you build credit and reach your goals.
To apply for a loan or credit card,
you need a good credit history.
Products that allow you to build credit
When applying for credit, don’t forget to bring
- Social security number
- A valid, official ID. It may be a driving license or passport.
- Proof of income and employment