Building Good Credit Tips

You need good credit to get anything in life but how do you get credit if you have none

. You must start out small and work your way up to a good credit rating. It takes time to build and establish but it can be, done.

The first things that you should, know is do not jump in too quickly! No credit cards to start building any kind of good rating, this is dangerous. Credit cards are, all too easily used; and can get out of control easily. You will be up to your eyeballs in bad credit and debt before you have time to think.

Start slow and easy, find a bank and take out a small loan, tell the loan officer you are trying or wanting to build your credit. Take out the loan for say one or two hundred dollars and make it for a ninety-day period. You can also make the loan secure, this means that you put the one or two hundred dollars into a savings account and borrow only this much.

Make your payments early each time or on the day, the payment is due. Do this personally, this will look good to the bank and build good, sound ratings. If for some reason, you are not able to make your payments the money is in the savings account to ensure that the payment is, made.

Once you get this small loan paid off you then go and take out a little larger loan at the same bank. Follow the same procedures that you did with the small loan. Continue to do this until have built up a rapport with the bank and the loan officer.

Once you are in good standings with the establishment you should have no problems getting the finances you need at any time for anything you want or need. This is, a good sound way of establishing a good rating steadily and safely to build a good credit history.

There are, other ways to build a good rating however the financial institutions and credit agencies look at long-term payment history. If you can be reliable and pay your monthly payments early or on time each month for long periods then you are a sound investment. Each payment you make toward a large sum of money you pay off adds points to your credit score. A good rating is over 720 or more no rating or a poor rating is below 300. Therefore, you want to build the rating as high as you can get it.

by: Irsan Komarga

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