What I’d like to share here is how to build credit from scratch and also how to repair existing poor credit. This is based on the experience of my wife and I over the last couple years building our credit and research I’ve done as well.
I’m not a credit advisor, nor a college graduate, I’m just a guy like most of you who felt that it was time in my life to get my act together and get my credit straightened out. If I can get my horrible credit in line with time and determination, those of you with credit histories as bad as mine has been in the past can do it too and believe me, there’s nothing like the feeling of getting that real credit card in the mail that says ‘Credit Limit :$4000’ rather than those joke high risk cards that you have to pay unimaginable fees and interest with that literally come to you with the credit limit pretty much maxed out in fees.
Don’t settle for a worthless high risk credit card, throw those mailers in the trash. Get your credit reports and see what you owe and who you owe it to and see what things you can get taken off your reports too.
I’m not a credit advisor, nor a college graduate, I’m just a guy like most of you who felt that it was time in my life to get my act together and get my credit straightened out. If I can get my horrible credit in line with time and determination, those of you with credit histories as bad as mine has been in the past can do it too and believe me, there’s nothing like the feeling of getting that real credit card in the mail that says ‘Credit Limit :$4000’ rather than those joke high risk cards that you have to pay unimaginable fees and interest with that literally come to you with the credit limit pretty much maxed out in fees.
Don’t settle for a worthless high risk credit card, throw those mailers in the trash. Get your credit reports and see what you owe and who you owe it to and see what things you can get taken off your reports too.
Your Credit Rating
Your credit score is basically used to determine your ability to repay debt...but not only ability, but determination to do so. You might be a millionaire and still not pay your bill’s. Or you might be a pauper and always pay on time. Or you might be somewhere in between where you can pay and want to, but the medical bills are getting into the tens and hundreds of thousands and what you thought you could pay has turned into this monstrous debt that 20 lifetimes wouldn’t get paid off at your present rate of pay. There are a lot of different scenarios, not always directly our fault, but in the end creditors don’t care about our details, they only care about our ability and history to repay what we borrow. And that’s is the point. If we do borrow we should be able to pay the money back.
Some things that affect your credit are;
Some things that affect your credit are;
How stable you appear to creditors
2 months on the job, in your rented house for less than 5 months, no checking or savings account and you are going to look like a very big risk to just about every lender out there.
You have to get established and keep things consistent as possible. Get a checking and a savings account open now and dont ever close them. Age of these accounts is a sign of stability to creditors,
You have to get established and keep things consistent as possible. Get a checking and a savings account open now and dont ever close them. Age of these accounts is a sign of stability to creditors,