Credit opportunities that can help build your score

OKTIBBEHA COUNTY, Miss. (WCBI) – Buying a new car or house are big decisions.

There’s more to worry about than the color of your new ride or the door.

First, you have to be approved for a loan. That’s not always easy if you have little or no credit.

How you buy a car or pay a bill has changed – it can all be done online.

However, how you build your credit score remains the same.

Some millennial’s don’t know how the process works, but it all comes down to responsibility.

Jake Goodwin has a credit card for emergencies.

“I want to use my credit card for strict things,” said Goodwin.

The 23-year-old program coordinator knows paying the bill on time and keeping a small balance will help his credit score.

His job also helps pay down his debts.

“This job helps immensely. It’s just helping with everything honestly,” said Goodwin.

Goodwin has a good grasp on why a good credit score is important and how to keep it growing.

Modern Woodmen Financial Adviser Barbara Coats said that’s not always the case with millennials.

” To establish credit you’re looking for three credit opportunities. You got your cellphone bill, you got your credit card. If you’re lucky you can have one other thing. Whether it’s student loans, whether you can have your rent in your name. You’re looking for anything three things in your name to establish that credit history,” said Coats.

For many recent college graduates, learning about a credit score and its importance is often from an older adult.

It’s taking small steps on small bills that will make a big difference a few years down the road when a new car or new home is on the horizon.

“Making wise choices and getting that started from the beginning it takes you out of debt that much sooner because your able to get lower interest rates,able to pay yourself out of any debt that much faster,” said Coats.

“I would just make sure that you just know per month that you can definitely pay that minimum balance off every single month,” said Goodwin.

The fewer times your credit is checked helps your score.

Pay everything on time and that shows the creditor when you’re beginning to do things on your own that you’re responsible,” said Coats.

Credit Karma is an app Coats suggested to keep up with credit scores. It will not affect your score.