Tips for starting the year building credit for the first time

The beginning of a new year is the perfect time to set financial goals and venture into the world of credit for the first time. For those about to embark on this critical stage of their financial life, it's essential to be well-prepared and understand how credit cards work. This blog will provide valuable tips to help you start the year building credit smartly and responsibly. We will also introduce you to FirstBank’s credit cards and the benefits they have for you. 

Understanding the importance of credit

Before delving into the tips, it's essential to understand why credit is so relevant. Credit is a financial tool that allows you to access loans and financing for significant purchases, such as a car or a house, or to cover unexpected expenses. A positive credit history can open doors in the future, such as the possibility of obtaining better interest rates and higher credit limits. In addition, credit history can be considered for employment depending on the industry and employer and even for renting housing or property.

Tip 1: Educate yourself financially

Before applying for a credit card, take the time to learn how credit works. Research the key concepts, such as credit history, credit score, and interest rates. Understanding these concepts will help you make more informed financial decisions.

Tip 2: Establish a budget

Before using your credit card, create a monthly budget. This will enable you to manage your expenses and ensure you always have enough money to pay your credit card bills on time. Avoiding payment delays is crucial for maintaining a good credit history.

Tip 3: Choose the right credit card

At FirstBank, we offer a variety of credit cards designed to suit different needs and lifestyles. Before applying for a credit card, consider your needs and preferences. Our credit cards offer benefits such as shopping and travel insurance. Visit our credit card page for more information about our credit cards and their benefits.

Tip 4: Meet minimum requirements

Each credit card has minimum requirements that you must meet to be approved. These requirements may include minimum income, credit history, and minimum age. Ensure that you review and meet these requirements before submitting your application. At FirstBank, we make the online application process easy, quick, and secure, allowing you to do it from home.

Tip 5: Maximize benefits

Our credit cards are strategic tools to enhance your day-to-day life. Beyond transactions, you can take full advantage of the rewards program and free insurance such as cell phone protection, travel insurance, etc. FirstBank's Beyond credit card is not only a means of payment, but also a strategic ally to build a solid financial future full of benefits.

Tip 6: Use online credit applications

In the digital age, online credit applications make applying for a credit card more accessible. At FirstBank, we are committed to making this process convenient for our customers. You can visit our website at 1firstbank.com to apply for your credit card quickly and securely without the need to visit a branch.

Starting the year building credit for the first time is a significant financial decision. By following these tips and choosing the right credit card at FirstBank, you'll be on the right path to a solid financial future filled with opportunities.

Explore FirstBank's credit card options, here.

Subject to credit approval. Certain restrictions apply. FirstBank is member FDIC.