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Establish Good Credit,
then Keep it...
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Credit Scoring
The strength of your credit file also determines the basis of your credit score. Credit scores are how lenders decide whether
to issue you credit or not. They are based on a lender's experience and other
criterion -- factors you're not privy to. Nevertheless, there are certain things you
can do that may improve your score.
It never hurts to:
- Pay your bills on time, every time.
Maintain a consistent payment history.
- Maintain a good paying job.
- Stay in the same residence for an
extended period of time.
- Stay with the same employer for an
extended period of time.
- Limit the number of credit cards you own
to two or less.
- Limit the number of requests made for
additional credit.
- Keep your debt-to-income ratio low.
- Open a checking or savings account in
your name.
Protecting Credit
Your credit rating is a precious commodity. The key to protecting it is paying attention
to your credit file and taking steps to strengthen it. Improving your credit score is
another way to help ensure your credit remains intact. In the end, you want to make sure
lenders view your actions positively -- that you become a risk worth taking.
Credit and Debt Calculators:
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• Should I pay off debt or
invest in savings?
• What will it take to pay off my balance?
• Should I consolidate my
debts?
• How Much Am I Spending? |
