| Most people who just join the military are in an | | | | into your checking account and take a portion every |
| enviable position of having very little or no established | | | | pay period to put into your savings account. Do not |
| credit. While this may seem like a bad thing, it actually | | | | touch the money in your savings account. Instead, let |
| puts you in a great position to build good credit. It is | | | | it grow and accumulate interest. Keep an eye on |
| much easier to build good credit then it is to repair it | | | | your checking account and do not let the balance get |
| so now is the time to thoughtfully establish some and | | | | too low. Always balance it and make sure you do not |
| maintain it to improve your credit rating. The military | | | | bounce any checks. |
| offers its service people an advantage. Lenders like | | | | You will want to apply for a revolving charge |
| the fact that you will have a guaranteed paycheck | | | | account. Types of credit that are good to get in the |
| for four years and are more apt to extend credit for | | | | beginning are major credit cards like MasterCard, Visa |
| the first time. | | | | or Discover. These will allow a lower interest rate and |
| The first thing you should do is receive a copy of | | | | will help start you on a history of good payments. |
| your credit report. There are three primary credit | | | | The trick is to not charge more than you can afford |
| bureaus, Experian, Trans Union and Equifax that | | | | to pay off completely. Use the card for small |
| supply credit reports. It is advisable to get a credit | | | | purchases and pay the majority off each month. |
| report from all three. You will then need to analyze | | | | However, do not always pay it off entirely. You |
| your report to see if it is accurate and what it says. | | | | want to establish a good credit rating so be sure you |
| If there are items on there that you are unaware of, | | | | do not pay late. Not only will it increase your interest |
| now is the time to clear it up. With identity theft so | | | | rate and add finance charges but you will reduce |
| prevalent today, even though you may not have | | | | your credit score. |
| credit, someone else may have gotten something in | | | | Establishing good credit takes discipline, something |
| your name. | | | | you should be familiar with in the military. Taking the |
| Then, you will need to open a bank account. Navy | | | | time to build it now will hold you in good stead |
| Federal Credit Union, NFCU is a good place to start | | | | throughout the years and will enable you to get |
| for United States Navy service members. It is | | | | bigger loans when you need it. Eventually you will |
| advisable to open both a checking and savings | | | | need a car and a home. If you have good credit you |
| account. This will show stability and allow you to pay | | | | will be able to get approved for a loan more easily |
| bills and function much easier. Deposit your paycheck | | | | and get lower interest rates. |