The act of building ‘good credit’ is an essential part of a healthy financial life, but should be used with caution.
To have good credit means you are able to qualify for new credit accounts should you need or want car loans, credit cards and mortgages at possibly low-interest rates.
You may or may not know, but having good credit can also help you get competitive quotes on insurance and it could help you meet the requirements of a potential new employer.
Did you know that your credit score is calculated by using the data in your credit reports? Therefore, you should ensure information is correct, as this could be the cause of your credit score being dragged down, without your knowledge.
Keep in mind, should you have bad credit score, it will not improve overnight. However, recent activity and information count more in your credit score, so this means bad marks counts less against you as they are.
Whether you pay or fail to pay your bills, it does impact your credit the most. This means if you are paying your bills on time, you stand a good chance of building a nice credit history over time.
On the other hand, when you miss a payment and have your accounts go to collection, could also hurt your scores tremendously.
Using a credit card is a convenient way to make purchases and build your credit at the same time. You can even avoid interest charges altogether by paying your accounts in full each month.
When you make use of credit to have a credit score it doesn’t mean you have to abuse and take advantage of your credit.
Use your credit accounts in moderation as it the easiest way to build credit fast.
These tips were compiled to give you an idea of how to get your credit record in top notch and who knows it might just be a saviour to your credit history.
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