Want to Build Your Credit? We'll Help Show You How
What is a Credit Report?
A Consumer Credit Report is information maintained by a credit bureau. The report contains your name, address, Social Security number and credit payment history. Credit grantors, such as banks, may report positive or negative credit payment information to the credit bureau. Utilities such as the telephone and power companies may also report your payment history. Credit grantors may review this information anytime you apply for a loan or credit card to determine if they may lend you money.
Why is Building a Good Credit History Important?
Establishing a positive credit history makes it possible to obtain a car or home loan in the future. Your credit score may impact the interest rate you pay and the amount of money a lender is willing to offer. Your credit history may be reviewed when you rent an apartment. It is imperative to pay your bills on time and keep the balance of debt you incur at a manageable amount.
How Do I Choose a Credit Card?
Choosing a credit card is a big decision. It is important to know the terms and conditions associated with the credit card. You should understand a credit card's features such as annual fees, Annual Percentage Rates (APR) and repayment requirements to make an informed decision about the card best suited for your needs. If you have any questions about the features of any State Farm Bank® Visa® Credit Card, just call 877-SF4-VISA (877-734-8472) to speak with a customer service representative.
How Can I Establish Good Credit to Prepare for the Future?
To establish good credit, you should pay your bills on time. It is important to have very little outstanding credit and only borrow what you can afford to repay. If your credit history isn't established or you have very little credit history, you should consider building one.
If you're having difficulty opening a credit card account, ask a family member or guardian to cosign your application.
State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com or by contacting the Bank at 877-SF4-VISA (877-734-8472). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service. To apply for a Bank product, you may also see your participating State Farm agent.