Credit Repair Information

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Five Steps to Building a Good Credit History

Good credit is important in so many aspects of your life. Though you can get by without having a good credit history, it will be an unnecessary hassle. Work on building a good credit history so that you have good credit when you need it.

Get credit. To build a good credit history, the first thing you need to do it get credit. Your credit score, the numeric snapshot of your credit history, cant be calculated if you dont have at least one account thats at least six months old. So, get a credit card or a loan to help you start building a credit history.

Use credit. Just having credit isnt enough to build a good credit history. You actually have to use credit (responsibly) to show start creating a positive credit history. When you use credit, especially credit cards, you should never charge more than you can afford to pay back. Credit isnt a substitute for cash and shouldnt be used as one.

Pay your bills on time. Once you get a credit account, its important that you pay it on time. The most important part of your credit history is how well youve paid your bills. So, make sure you pay your credit card and loan bills on time every month.

Building a good credit history isnt just about paying credit card and loans, it requires you to pay all your bills on time. If you fall behind on other bills, like utility or cell phone bills, it could end up on your credit report as a debt collection. These collection accounts hurt your progress with building a good credit history.

Keep your balances low. The second most important part of a good credit history is the amount of debt you have. Your credit history is better when you only use a portion of the credit available to you. So, when you make purchases on your credit card, only use about 10% to 30% of your credit limit. Paying down loan balances quickly also helps build your credit score since it shows that youre reducing the amount of money you owe.

Hold back on new applications. Avoid taking on too much credit at once. The more credit applications you make, the harder your credit score gets hit. Thats because recent applications for credit account for 10% of your credit score. You should also limit your credit and loan applications to avoid taking on more debt than you can afford. Starting out with just one or two credit cards or loans is ideal.

A good credit history takes time to build. You cant rush a good credit score. Instead, you have to take it one step at a time making the best credit decisions along the way.

by: Juan J. Medina

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