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Wednesday, February 20, 2013

4 Steps to Building Good Credit

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Let’s face it… without a good credit rating these days, life can be very difficult to say the least.  You need to have a good credit rating if you want to get any kind of financial help in everything from credit cards to buying a home.  Anything that involves money, involves having a good credit rating.  A credit rating needs to be established long before you need it, so you’re never too young to start!  Not having a good credit, or trying to recover from bad credit, can be like being between a rock and a hard spot.  You need good credit to get more credit, and you need a credit history to get good credit!  Even if your history is not good, and even if this is the case due to circumstances beyond your control, your history is yours and you have to deal with it.  Some things you can do to help your credit rating show a positive rating are:

  • Open a Chequing or Savings account – this establishes you as part of the financial mainstream.
  • Get a copy of your credit history, and fix any errors or omissions.  What they have on file is not always correct and it’s up to you to fix the mistakes.
  • Apply for credit – Department store cards, Secure Credit Cards, buy furniture on a pay later plan… any of these things will help you establish a history.  If you don’t qualify… keep trying… at some point someone will give you a break!
  • Once you have credit… use it WISELY!  Don’t purchase more on credit cards than your budget can handle.  Also, be aware that you are dealing with reputable people.  Unsavory people can damage your credit history, take your money, and damage your life in terrible ways.  Just be on the lookout for anything that does not look completely on the up & up.

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