Here is How to Build Your Credit
Fast Ways to Build Up Credit -
Weather You Have No Credit or Want
to Make The Credit You Have Better
LOAN AND DEBT
Instant Credit Builders -
There are some things you can do that act as instant credit builders for you. There
are some changes for 2010, but you can build credit if you don't have it yet, or you
can raise your credit score if you're looking to build the value of your existing credit.
What can you do to further either of these credit boosting goals? Read on. Here are
some of the best ways to build your credit, weather it's well established or you're a
comparative credit newbie.
If you already have credit you can do the following to instantly build better credit:
- Get your credit card limits increased – This will increase your credit utilization
score, and that will build up your overall credit score. Credit utilization (the
ratio of your total available revolving credit to your outstanding revolving
credit, with a lower number being better) accounts for roughly 30% of your
- Get another credit card - If you only have one credit card, (especially if it has
a fairly low limit, such as under $5,000), and you keep getting offers in the
mail for new credit cards, accept one of them. Carefully evaluate the various
card offers and pick the best one, preferably one with no annual fee and the
lowest possible interest rate. Click to try a free credit card search engine that
will instantly evaluate your needs and match you with the card that's the best
one for your specific needs and credit profile. Just because you have another
card is no reason to use it however. Remember to keep your spending in
- When you get another card the increase in your aggregate credit limit will
give your credit a boost, for the reason described above. It's is important
that once you get your new card, you never or rarely use it. If you do use it,
make sure you pay off the balance every month.
- Get your credit report and check it to make sure you have no errors on it that
could be decreasing your credit score. If you do, you'll get an instant boost
when these inaccurate entries drop off the report.
If you don't have credit, or have a very limited credit history, you can do the
following to instantly build credit:
- Piggybacking – This technique isn't as powerful as it once was, due to the
fact that so many people with bad credit used it to artificially increase their
credit score to obtain mortgages. The subsequent credit problems we're
enduring have been partially blamed on the results. Piggybacking is using
some else's credit to build your own. Parents have used this for years to build
credit for their children. The simplest way to use piggybacking to build credit
for kids is to simply be added onto the parent's credit account as an
authorized user. This disadvantage is that if your parents have bad credit, you
as their child wouldn't be able to effectively build your credit with theirs.
- Get a Department or Chain Store Credit Card – If you simply have a job and a
checking account, you can get credit cards from almost any store chain, such
as Office Depot, Best Buy, and Macy's will give you a store credit card with a
$500 - $1,000 limit. If you pay it off regularly, or better yet don't use it, you'll
build credit and increase your credit score.
- Join a credit union and get a loan – Almost every community in the U.S. has
one or more credit unions. Many times you have to a member of a certain
association, union or employed by a particular company to be a credit union
member, but not always. Credit unions where you're a member are much
easier places to get loans and other types of credit than are banks, even those
banks in which you have an account. As an added bonus they'll typically give
you lower interest rates as well. To instantly build up your credit, get a
personal loan from your credit union and then, now this is important, don't
spend the money. You want to use the loan money only to repay the loan, and
for God's sake don't ever be late or miss a payment. If you repay the loan as
agreed, you will instantly build credit.
These are techniques that will instantly build credit, weather you have credit now and
want to improve it, or have no credit history and want to build one.
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