BAD CREDIT CASH LOANS AND FINANCING: Unique Content Article: How To Establish Credit If You Have None

How To Establish Credit If You Have None

by Phillip Liu

Having a good start to your credit is just as important as maintaining it for the years to follow. It is a common mistake, usually for young people, to rush into building credit without thinking of the long-term effects their decisions would have on their future credit. Build your credit from scratch with these five steps.

Get started with revolving credit. It doesn't matter if it's a MasterCard, Visa or Discover card, as long as you try applying for one. Once you've got your card, charge with it. Even if it's only a small amount you normally pay for in cash, use your card for it. Deposit the amount you used into your checking account, and pay for it with a check about seven to ten days before your due date to ensure on-time payment. That way, you can easily establish a prompt payment history.

Having a high credit limit on your credit card is the perfect chance for you to spend - use at least 33% of your available credit. Credit scores can improve due to the ratio of credit used to the available credit. Use at least $200 of a $600 credit limit - to use an example - but make sure it's paid before the due date.

Avoid paying your bills late. You can be confident of making consistent payments on time if you can pay your bills just as you use your card. No matter how small the late fee may be, don't pay late as much as possible. A late payment will not be overlooked in your credit report, as it can bring your score down a bit.

Too much credit applied for is never good. It will be a two-year stay on the credit report for any credit inquiry made regarding a loan, mortgage or other large purchase. This would be considered a hard credit inquiry and can lower one's credit score. Refrain from being trigger-happy when applying for credit and you'll be fine.

If you're paying other bills under your name, pay them on time as well. These may include utility bills, medical bills or the rent, and could also go on your credit report. Make on-time payments a good habit. - 41115

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New Unique Article!

Title: How To Establish Credit If You Have None
Author: Phillip Liu
Email: uaw@commercepublishing.com
Keywords: Credit,Finance,Business and Finance,Personal Finance
Word Count: 365
Category: Finance:Credit
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