Ask Terry Questions Establishing credit

Establishing credit

By Terry Savage on February 23, 2020 | Credit/Debt

I befriended a street person a few years back (addict sleeping on the street). He was eventually arrested spent 10 months in prison and was released in January. He’s 36, clean, has a job and apartment. He’s saving money but needs to build credit. I pay attention to you on WGN so I’m sending him to CreditKarma and BankRate. What else should he do?

Terry Says

What a very generous thing to do. He needs to put some of that money in a bank account, with a bank that offers “secured credit cards” — secured by a bank deposit. I recently answered a similar question for someone just starting out. Here is a link to the “secured cards” section at Then he should charge a small amount every month and PAY IF OFF IN FULL and ON TIME every month! That’s the way to build credit.



a personal
finance question