Best and Easy Ways To Build a Good Credit Score

Last Revised on November 22, 2007

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Credit score is probably one of the most important asset of yours when you go buy an asset or something that needs financing and getting loans. Good credit score will give you better interest rates. We all know once you start to score a low credit score it becomes harder and harder to get the good credit score back. Here are some of the best and easy ways to build yourself a good credit score for life:

Know the basics: You need to know the basic and fundamentals of credit score. Some of the most important factors in your score are: Whether you pay your bills on time. How much of your available credit you actually use. Setting up automatic payments or reminder systems so that you’re never late is considered a good way to save yourself.

Check your credit report often. You should always whenever possible try to find out what your current credit score is; that way if something seems not right in your credit score you can fix it right then before it goes to everywhere. You can find credit score information from any of the major credit card and credit score bureaus such as Experian, Equifax and Trans Union.

Fastest way is the Piggyback: The fastest way to establish a credit history can be to “borrow” another’s record by piggybacking on their credit account, either by being added to a credit card as an “authorized” or joint user or by getting someone to co-sign a loan for you.

College Students should apply for a credit: There used to be a time when credit experts used to warn college students away from those booths set up on campus by credit card lenders — the ones that promise free stuff for signing up. It turns out, however, that there’s no easier time to get a card than while you’re a college student, said Gerri Detweiler, author of “The Ultimate Credit Handbook.”Lenders are willing to take risks with you that they won’t once you graduate, probably because they know that your parents’ willingness to bail you out will end once you get your sheepskin.

Apply for secured credit card: If you can’t get a regular credit card, apply for the secured version. These require you to deposit money with a lender; your credit limit is usually equal to the deposit.You’ll want to screen your card issuer carefully. Your credit union, if you have one, is a good place to start looking for a secured card. You can also check Bankrate.com’s list of secured credit card issuers.

Use revolving accounts lightly and regularly: For a credit score to be generated, you have to have had credit for at least six months, with at least one of your accounts updated in the past six months. Using your cards regularly should ensure that your report is updated regularly.

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5 Responses to “Best and Easy Ways To Build a Good Credit Score”

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    November 22nd, 2007 at 4:52 pm

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    November 22nd, 2007 at 4:52 pm

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    November 22nd, 2007 at 4:52 pm

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    November 22nd, 2007 at 4:53 pm

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  5. J.C. Carvill Says:
    December 7th, 2007 at 7:55 am

    Good credit score at the basic, should start with paying those credit card & mortgage bills on time every month and never maxing out your card limit.

    J.C. Carvill
    Email: support@cosmosing.com
    URL: http://www.cosmosing.com/jeanclaudecarvill/index.php

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