FIND A LOCATION:
Find a Location
FIND A LOCATION
Call the Branch
Access online accounts
Trevor of Fargo wants to know how important it is to have a good credit score, and what he can do to start building credit. Here’s what Tom Scheid, who manages our headquarters location in Fargo, has to say.
Trevor: How important is it to have a good credit score, and what can I do to start building credit?
Tom: A strong credit score can be a great benefit. Conversely, a poor credit score can significantly inhibit your opportunities. For example, if you want to purchase your first home or lease your first apartment, you need to have a credit history and a good credit report. Lenders want to see how responsible applicants are with their finances, and a credit report gives a clear picture of that.
A secured credit card or a CD-secured loan (which uses certificates of deposit as collateral) can be a good option for someone looking to build credit. It’s important to limit how much spending you do with a credit card in relation to the card limit and to make payments on time, in full, every month. Consistent, good payment history month after month will start you on the right path to a strong credit score.
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