Tuesday March 31, 2020
Home Business A Beginner’s ...

A Beginner’s Guide to Building Credit

Building your credit requires discipline and sticking to a plan

0
//
Credit
A Credit card is one of the most used means of building credit for beginners. Pixabay

Creating a credit from the start is such a hectic task. Not many financial institutions can trust you without a credit history. Here is some of the critical information to know about building credit.

How to Build Credit with a Credit Card 

A Credit card is one of the most used means of building credit for beginners. Use your credit card regularly and making repayments on time. The more you use your credit card and repay on time, the higher your financial discipline hence the possibility of good credit. 

You have to understand though that you won’t qualify for some of the major credit cards in the earlier stages. As a start, consider the different cards offered by the stores. These cards work similarly to a credit card. To help you land the best credit cards to build credit, consider store cards that work with the credit bureaus. 

How to Build a Credit without a Credit Card

Building your credit depends on your ability to manage loans. For most credit cards provide the easiest ways to get loans. For others, though, credit cards are not their best option. If you don’t fancy a credit card, you still have several avenues of getting and managing a loan. 

The first step towards creating the credit is by paying all your bills on time. While in most cases, the regular bills like rent, water and electricity don’t affect your credit, reporting them allows for consideration. Paying off your college loan also helps in building your credit. The other options include seeking for any regular loans like a mortgage or car loans and repaying on time.

How Credit Score affects you 

As long as you will be looking for financial support, then your credit score must play a role. No financial institution can trust you with their money if you have poor credit records. Other than the big financial institutions, other lending facilities like care lending also look into your financial records. Even though it is not a requirement for most jobs, working in the financial sector and dealing with sensitive information requires a stellar credit record. 

Mistakes that Impacts Your Credit Score 

Building your credit requires discipline and sticking to a plan. Any error that affects your credit can stay on your records for as long as seven years. You must, therefore, avoid making such mistakes at costs. One of the main mistakes first-time credit card holders commit is taking credit that you cannot afford. Before you take in more debts, understand how you will repay them. Failure to repay or late repayments have adverse effects on your credit score.

Credit Card, Withdrawals, Calculation, Bank, Card, Don
The more you use your credit card and repay on time, the higher your financial discipline hence the possibility of good credit. Pixabay

Credit card churning is another mistake that beginners are prone to. While taking up different credit cards due to the sign-up bonuses and rewards, servicing them, later on, can be quite hectic. Lastly, failure to protect from credit card fraud makes one susceptible to criminal activities using their details, thus damaging their financial reputation.  

ALSO READ: Current Pandemic Set to Hit Financial Performance in Q1 2020: Twitter

Bottom Line 

A sound credit card is not a gift that anyone hands to you. You need a deliberate plan to grow the credit, with or without a credit card. The more responsible you are at managing your finances, the better your credit score. 

Next Story

How To Become a Strategic Marketing Manager

Getting Strategic Marketing Manager experience by taking on an internship is a great way to learn about the field and obtain some experience while still in school

0
Savings
A strategic marketing manager is responsible for finding and developing a customer base for a company’s products. Pixabay

A great marketing plan is a culmination of strategy, application of appropriate marketing tactics and brand positioning. In the backdrop of economic growth and business expansion, marketing has gained prominence as organisations want to have a market presence and find the right demographic for their services/products. Those who are interested in making a career in the field of strategic marketing domain can benefit from the right academic program and develop comprehensive strategic marketing plans with a degree

What does Strategic marketing managers do?

A strategic marketing manager is responsible for finding and developing a customer base for a company’s products. The strategic marketing manager, along with the market research team and product development manager, is responsible for designing and implementing the company’s marketing plan. Typically requiring long hours and several years of experience in the field Marketing Managers have a demanding career. It also involves travelling which could range from meeting clients to scouting prospective venues for a product launch.

Here is the checklist to become a successful strategic marketing manager

 

Get an Educational Degree

The minimum education requirement to become a Strategic Marketing Manager is a bachelor’s degree in business, marketing, communications, advertising, or other related fields. However, most companies may ask for a master’s degree. 

One should also consider taking part in a management-training program or continuing education program at a business college.

Acquire Experience

Getting Strategic Marketing Manager experience by taking on an internship is a great way to learn about the field and obtain some experience while still in school. 

Make most of your internship by getting as much hands-on experience as you can. Sometimes, Interns are told to make copies and answer phones. In that case, they will have to volunteer for other projects and demonstrate their eagerness to learn. Apart from gaining experience, an internship is an opportunity to make important contacts and networks in the industry which can be beneficial in the future.

Look for an entry-level job in marketing

There are various types of marketing careers one could pursue as a marketing manager. It is advisable to spend a few years in a entry-level marketing job, such as Marketing Assistant, Sales Representative or Advertising Assistant, to strengthen your background skills and gain the compulsory work experience required to become a Strategic Marketing Manager. Once you garner enough experience, you can put forward your views on why you deserve to be promoted to a Strategic Marketing Manager by pointing out how you have contributed to the department.

Acquire the necessary skills

Strategic Marketing Managers have strong communication, sales and presentation skills. They must be creative and have the ability to manage many projects at once. Expert knowledge of current marketing trends is also necessary. 

Business
The strategic marketing manager, along with the market research team and product development manager, is responsible for designing and implementing the company’s marketing plan. Pixabay

Strategic Marketing Managers must have excellent leadership skills and the ability to hire, train and motivate team members. Strong presentation and communication skills are also essential for a career in marketing. The best way to obtain marketing management skills is on-the-job training in an entry-level position.

Join professional marketing associations

By joining a professional marketing association, you can stay informed on the latest industry developments, procedures and technologies. You will also gain access to professional networking opportunities. 

ALSO READ: Role of Carbs and Calories to Build Muscles

With these options, aspiring marketers can stay ahead of the competition and build a thriving career.