|
Home::Credit
Ten Steps To Building A Good Credit History
Author : Drahcir Semaj
Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what’s on your credit report will determine if you can get a loan or insurance and what rates you’ll have to pay. If you’re trying to build or repair your credit history, you have a daunting but not impossible task in front of you. Lots of people have been where you are and today they have good credit. With time, discipline, hard work, and by taking the proper steps, you’ll be able to build a good credit history too. To build or rebuild your credit history you need to take certain steps: Develop a budget and live by it. Whether your building credit for the first time or rebuilding credit, you need to know how much money you have coming in each month and how you’re spending it. Start by listing your income from all sources. Next list all fixed expenses (rent, mortgage, car payments…). Finally list all of your variable expenses (entertainment, recreation, clothing…) no matter how small they are. Writing down and tracking your expenses will help you to understand your spending patterns and you’ll be able to see where you can save money by making lifestyle changes. Open a checking account and use it responsibly. Lenders want to know that you have a relationship with a financial institution and that you have a checking account available to pay your bills. Don’t overdraw your bank account; in addition to possible damaging your credit record, you’ll be charged fees. Pay your current bills on-time and pay them in full. Paying your bill on-time puts positive information on your credit record. Late payments or missed payments count against you. Review your credit report annually. Contact Equifax, Experian, and Trans Union to get copies of your credit report. You should get a copy of your credit report from all three reporting agencies because some creditors don’t report to all three agencies. If you’re a member of a credit union, check to see if your credit union offers discounted credit report ordering for its members. Fix any errors on your credit report. If you find errors on your credit report, contact the credit reporting agency and the creditor (in writing) to get the errors fixed. Check your credit report to make sure that negative information like late payments, delinquencies, liens, and judgments against you have been removed after 7 years; bankruptcies should be removed after ten years. For more information on how to dispute errors on your credit report, visit the Federal Trade Commission website at: http://www.ftc.gov/bcp/conline/pubs/credit/crdtdis.htm. Apply for a credit card. If you’re rebuilding your credit history, consider applying for a secured credit card. To get a secured credit card, you’ll need to deposit funds with the credit card issuer and your credit limit is usually equal to the amount you deposit. A secured card can be used the same way as an unsecured card and your timely payments will help to improve your credit history. Apply for a department store or gasoline card. These cards are usually easier to get than major credit cards and they come with smaller credit limits. Establish an account at a credit union and take a loan out on it. This is a secured loan. You’ll have to pay interest on the loan, but if your payments are reported to the credit bureaus, the small interest fees will be worth the positive information that is added to your credit record. Don’t max out your credit cards. Maxing out your credit cards can hurt your credit score. Try not to use more than 30% of the credit you have available to you. Part of your credit score measures the amount of credit that your have available to you and how much you’re using. The more credit you’re using, the more negative impact on your credit score. If you get into trouble with your credit, get help. Don’t wait until creditors send your accounts to debt collectors. If you can’t make a payment contact the creditor and make arrangements to make the payment. If you feel that you’re over your head in debt get help from a debt counselor. You can contact Equifax, Experian, and Trans Union at: Equifax: www.equifax.com/ Experian: www.experian.com/ Trans Union: www.tuc.com/ About The Author Drahcir Semaj is a freelance writer. You can contact him at drahcir@drahcirsemaj.com. Or visit his website at http://www.drahcirsemaj.com Spam emails More free articles Related articles
|
More related feeds |
Ten Steps To Building A Good Credit History
Lots of grouping hit been where you are and today they hit beatific credit. With time, discipline, hornlike work, and by attractive the comely steps, youll be healthy to physique a beatific assign story too. ...Daily Bookmarks 10/11/2008
The ten steps to fascism that Wolf laid out in The End of America have occurred–all ten–like clockwork. Steps nine and ten occurred recently with the mass arrests of citizens and journalists at the RNC, and October 1st’s US military ... 10 Ways to a Clean, and well Maintained, Credit Reference
If you’re a first time buyer and have never had a credit card or loan, it makes it difficult for lenders to establish that you have a good history of meeting repayments. So if you’re a first time buyer thinking of applying for a ... How to Safely Build Your Credit History
Payment history - 35% Amounts owed - 30% Length of credit history - 15% New credit - 10% Types of credit used - 10%. In other words, they provide a template for building good credit - all you have to do is take care of each of those ... How Businesses Build Credit
Once you’ve gotten an initial investment from a lender, it is up to you to maintain a good credit score. Vendors will be much more willing to do business with you if you have a small debt load, and it will be easier to convince other ... Ten Steps To Building A Good Credit History
Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what’s on your credit report will determine if you can get a ... Is it Possible to Raise My Credit Scores?
Your credit score can be raised by establishing a history. The longer an individual's accounts have been in good standing, the better. It's also wise to occasionally use some of your older card accounts to keep them current in their ... Ten Steps To Building A Good Credit History
Or visit his website at http://www.drahcirsemaj.com', 127, 'Ten Steps To Building A Good Credit History, Credit, Credit articles, Credit information, about Credit, what is Credit, Credit Information', 'Ten Steps To Building A Good ... To Pass or Not To Pass
Credit issues like these are not good for the economy, confidence, and consumer spending, and the rescue plan was passed to help matters. In other news from Friday, the Labor Department reported that 159000 jobs were lost in September, ... GE under seige (Fortune Magazine) -- When Warren Buffett went to ...
But in light of GE's huge commercial paper obligations and the disruption of global credit markets, the rumors became just barely plausible. That's when the stock suddenly dropped 10%, and the price of GE credit default swaps jumped. ...
|
|
|
