Building Credit History

Author: Barry Gilbert

Building your credit history is important in today's
time, especially since the laws are changing. We are
moving into a system that is making it difficult for us
to get ahead unless we have excellent, or at most good
credit history. Credit is important to rent, obtain
student loans, and apply for loans or credit cards, as
well as getting jobs.

Nowadays if you do not have a major credit card, it is
nearly impossible to make purchases at some areas. Bad
credit only leads to frustration and headaches we want to
avoid. If you have bad scores on your credit report, it
takes seven long years before the credit is cleared and
ten years for bankruptcies to be removed from your files.
Therefore, if you want to save yourself some headaches it
is time to get started building your credit history.

To build credit you have to keep constant watch of the
activities on your credit report. To obtain copies of
your credit report you need to contact the three B's.
TransUnion, Equifax and Experian have updated copies of
your reports. To find out more information go online to
get the information needed to get your copies. After you
review, your credit reports make sure there are no false
claims against you on the report before you proceed to
clear up your accounts.

If you notice, any false claims make sure to file a
dispute immediately with each credit bureau. You are
protected under law and it is the credit bureaus
obligations to investigate the claims and clear up any
mishaps. After your have cleared up any allegations made
against you, your next step is knocking down the accounts
on your credit report. It is time to save money.

If you do not have a credit history, it is time to get
started. Building credit is essential for your future
survival. If you do not have a credit history, you might
want to start by applying for a personal loan or else a
credit card. If you are turned down, ask a family member
or friend to co-sign with you to get the loan or credit
card. Make sure your family member or friend has
established credit and their history is not delinquent.

Once you get the card or loan, make sure you meet each
month's installments. If you miss any payments the co-
signers are responsible to pick up the tab. do not make
enemies, pay your dues on time. After about six months of
using your credit card or else paying on the loan you
will have notoriety and able to apply for credit cards or
loans in your own name. It is important that you continue
working and remain in a home.

Lenders often question stability and if you are moving
around from home to home or else switching jobs the
lenders are less likely to lend you money or credit.
After about one year, you will have built your credit if
you continue this procedure and can then apply for a home
mortgage loan or car loan. It depends on your income and
age when bank lenders investigate your case to determine
if you qualify for a loan.

Therefore, if you are in your forties and just getting
started building credit your applications will take
longer for consideration. Getting started early is the
trick to building a stable credit history. Now if you
have a credit history already you want to maintain
payments to avoid complications. Once you establish a bad
credit history, it is harder to get back on your feet
again.

The best solution for maintaining, building, or else
reestablishing credit history is to keep a close
monitoring system on your financial tabs. If you are
working everyday and your base income per week is around
$300 it is important that you find a budgeting system
that works with your pay.

Do not take more than you need. If you have a base
income of $300 keep your spending below that base pay to
build credit, maintain credit or else repair your credit
history. Remember, credit history is important to your
future and nowadays everyone judges you by your credit.

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