Building Your Credit: An Expert Opinion
By Karmen Rosiles The On the Money Mentors were able to meet with David Larson, Republic Bank Branch Sales Manager. During this meeting, David Larson shared some helpful tips, not only about banking, but also on how young adults can build credit! Larson suggested focusing on BUILDING GOOD CREDIT. This doesn’t necessarily mean spending a lot on new clothes on shoes, but having a foundation of credit readily available for large loans you may need to take out in the future, such as a loan for a car or a home. Larson suggested that you may want to consider being added as an authorized user with a TRUSTED adult, but if that is not an option, David advises looking into a secured credit card. A secured credit card will give you a way to build credit while assuring you and your bank that you won’t fall into massive credit card debt! (It is always recommended to never spend over 30-40% of your available credit limit month to month!) David’s favorite part of his job is helping people, so do not hesitate to walk into Republic Bank (or any other bank) for any questions you may have on banking or building your credit!