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Establishing Credit Score: What Tennessee Residents Need to Know

By Armandina Skerl Subscribe to RSS | May 18th 2012 | Views:

In Joseph Heller’s novel Catch-22, pilots had to fly dangerous missions with increasing frequency, but in time they began to feel they wanted out. They knew that the only means of escape was to have themselves declared crazy. But to let out that one is crazy, and therefore, must be banned from flying, means one couldn’t be crazy, after all-- because he cares about life.

This paradox apparently creeps into the mundane world of business. In finance, the no-credit-score situation equates with the Catch-22 paradox: you can’t get credit without first having earned credit. So how do you ever establish credit when finance institutions aren’t willing to give you credit because you don’t have any? Borrowers confront this problem when they begin to apply for loans because they need an established credit score to apply. And it’s no different with potential home buyers applying for a home mortgage loan.

One way to establish credit is to open a bank account, and establish a good relationship with that bank. The longer you’ve worked with your bank, and can show yourself as a client in good standing, the better. This is beneficial in two ways: An account in good standing shows someone who could handle money, and if trust is established, it gets easier to get your loan approved.

If you regularly shop at malls and department stores, get yourself a couple of in-store credit cards. Most people overlook this opportunity because of high interest rates, but the ease in getting one can help you establish your credit score-- provided discipline in spending isn’t a problem for you.

Your credit score and your bank account are just two of the things lenders look at when you’re applying for a Tennessee home mortgage loan. Make sure stores report transactions to the credit bureau, or this move wouldn’t help you one bit.

Tennessee home mortgage lenders also check into your residence and employment history. A person with a stable job who doesn’t move around much earns brownie points with them. Your utility bills are also scrutinized, so it makes sense to pay them on time.

Establishing your credit is a first step to show your stability in matters of personal finances. With knowledge and discipline, you give off a statement that you can be trusted with a Tennessee mortgage loan. You manage your finances well, and you’ll be off to a good start. For more information, you may visit sites like or

Armandina Skerl - About Author:
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