Home > Credit Repair > Bringing It to the Books! Guidelines for Building Credit Record
Bringing It to the Books! Guidelines for Building Credit Record |
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If you don't have a credit history or are starting anew and wish to build a strong credit history, you can do that without many hassles. The trick is to be organized and well informed. Get yourself a credit card from a smaller establishment. Jewelry credit cards, department store credit cards and even gas station cards are a good start. Once you establish good credit with any of them, the road that leads you to a good credit history is not far. Make sure that your creditor reports this to any one of the credit bureaus, so that your credit history starts building instantly. If you find it difficult to get credit, ask any of your loved ones from family or friends to cosign the credit application. Another good idea is to go for a secured credit card after making a security deposit. Organize Your Credit After you start using your credit card, the most important thing to do to build a good credit history is to make the payments for it on time. This gives a good impression to your creditor and adds to your credit report. To protect your credit history, maintain this trend of making timely payments. Follow a budget and control your spending. If you wish to keep your credit protected, consult your credit report every time you apply for a credit card. At times, the credit reports carry some information that is wrong. Keep a check on that and resolve all the inaccuracies and discrepancies. If they do not get sorted out, use your right accorded by the Fair Credit Reporting Act. That does not mean that you keep asking for your credit report all the time. The more you and your creditors inquire about your credit, the more your points decrease. Keep a tight tab on the number of inquiries made on your credit report. Actively monitoring your credit will reap you good returns in the future, as your credit history will have all good things to talk of and you will be able to boast of it. A Big No To Credit Repair Clinics Most of the time, credit repair clinics are a hoax. They promise things that they can't deliver and you may find yourself in legal disputes later. Credit repair clinics look for loopholes through which they promise to help you. They instigate you to follow some illegal measures to improve your credit and all this may land you in great trouble. Such credit repair clinics give you the assurance that the negative report on the credit cards can be changed to a positive one in a few days, but this is not the case. They actually ask their customers to initiate new files with a different name, number and a different social security number. All these things are illegal and when known, may lead to police action. Many consumers get robbed of thousands of dollars in the hope of fixing things but they end up getting poorer. The Federal Trade Commission has introduced a report on the fraudulent ways of these so-called credit fixers. The Bottom Line... Keep yourself away from such frauds. It is very common to get caught in any of these, but a little patience, and perseverance, along with knowledge can make you able enough to handle your credit and credit cards all by yourself |
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