How to Establish a New Credit File for Free

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Establish a new credit file for free by providing truthful information about your financial situation and paying off all charges immediately to avoid paying interest. Develop a credit line for free by being mindful of credit card spending with tips from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about how to establish a new credit file for free. A credit file is really one that allows you to open up a credit well with a furniture store, with any type of credit card per say. The way you do that is provide truthful information about your financial situation. And if you are fortunate enough to be granted credit by that company it doesn't cost you anything. Make sure it doesn't, there shouldn't be a fee to have their card in your wallet. And then of course don't put anything on the credit card, just keep it there. You have to be mindful of this process. It's allowable in the early stages when you don't have credit to go off and seek companies that would be willing to give you credit. But then it's important to really pay something on the credit card so that there's a payment history. So find an expense that this card will take care of and then pay it all off immediately, therefore you didn't pay any interest. That's what we mean by establishing a credit file for free. You didn't get charged any interest. This is Patrick Munro talking about how to establish a credit file for free.

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