Five Ways to Improve Credit History Everybody Should Use
If you need to know how to get a good credit score and improve credit history , there are some things that can help you do this. Your credit score and history determine your ability to qualify for a loan to buy a home or car, and many other things as well. Knowing how to get a good credit score can save you a significant amount of money. In some states, even your car insurance premium is based on what your credit score is. The most common credit score used is the FICO credit score, but there are others as well. Your FICO credit score is available from the national credit bureaus, and there are three of them: TransUnion, Equifax, and Experian.
The first step to improve your credit history is to verify what is in it and if it is accurate. This means getting a copy of your credit report from each of the national credit bureaus. This should be done once a year at least, and preferably every six months. Each national credit bureau must supply you with this information once a year for free. Look for any mistakes on each credit report. Finding and correcting any mistakes will improve your credit history. Step two on how to get a good credit score is to pay all of your bills on time, preferably early if possible. Every time you pay your electric bill, or almost any other bill, a few days late, this lowers your credit score some. The same is true for most bills, but especially mortgage and car loans and credit card payments.
If you want to know how to get a good credit score, step three can help. Pay down your credit card balances. This is important, and will greatly improve your credit score. Money owed to credit card balances are one factor that is heavily used to determine your overall credit score, and high account balances drag this score down significantly. Try to bring all of your credit card balances down to about twenty five percent or less of your total credit limit including all cards. The total credit limit and the balance owed play a large part in your credit score, so keeping limits high and balances low will improve credit history and improve your credit score.
Step four on how to get a good credit score and improve credit history is to avoid collections, liens, and bankruptcies. These three actions have a devastating effect on your credit sore, plus they will affect your credit rating for many years to come. If these items are on your credit report, you will pay a much higher interest rate for any loans you receive. Avoiding these three actions will greatly improve your credit history and result in a better credit score.
The last step to improve credit history is to rebuild your credit. This step is not difficult, but you must use care. Apply for a secured credit card, and only spend a small amount on it. As soon as you make a purchase, send in the payment. Make sure that all your payments are made by their due date. By making regular payments and paying off the balance each month, you are slowly building up your credit score. Another way to do this is to apply for a loan, using a friend or family member as a co-signer if needed. This can be done by putting the loan amount in a bank account, then applying for a secured loan. Make sure that you make the payments on time, and these payments are positive credit history that is reported.
The information supplied in this article is not to be considered as medical advice and is for educational purposes only.
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 Family Budget Planning 22 Dec 2008 |
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