|
 |
 |
Protect Credit
Establish Good Credit, then Keep
It |
Once you've established good credit,
you need to concentrate on maintaining it. A solid credit rating is essential if your
future plans include buying a new home or car, getting a job, or hunting for a new line of
credit.
Monitoring your credit rating is one of the most important aspects of credit protection.
This includes ordering your credit report once a year and checking for mistakes or changes
in your credit profile. It's your responsibility to make corrections immediately if you
find them. If your credit file doesn't reflect up-to-date personal information, you need
to change it.
Add Stability
The following items may need to be added, if not already present, to your credit file --
they are signs of stability:
1. Other accounts. Your credit report may not include account histories
you've been paying on time -- mortgages, car loans, or signature loans. Some lenders just
don't report it. Send a recent statement and copies of canceled checks to the credit
bureaus as well as a letter requesting this account be added to your file. They may
include it.
2. Employment. Include relevant information such as current employer's
name, address and your job title. List previous employers if you haven't been in your
current job for more than two years.
3. Residency. Include your current residence and whether you own or rent.
List previous residences if you haven't lived in your home for more than two years.
4. Bank Accounts. A checking or savings account number is a good sign of
stability. It's a sign of having some money too!
5. Date of birth. It's possible a creditor won't grant credit if this
information is missing. Individuals over 50 are usually low credit risks -- no kids, most
bills paid off, and larger incomes.
6. Phone Number. A creditor who can't get in touch with you probably
won't let you touch their credit, simple as that.
As with any personal information, be careful what you provide and consider your
circumstances. If you're under the judgement of a court or a creditor is suing you, you
won't want to be so open -- any information that may help them collect.
MORE » |
