How To Create a Positive Credit History
Improve Your Credit
Create a positive credit history
Your credit report shows how well you managed your financial responsibilities during a
certain period of time. Negative information drops off over time, but the positive information
remains. To create a positive credit history:
· Print clearly when applying for credit.
· Consistently use your complete name. Providing complete, accurate and consistent
identification on your credit applications helps set up your credit history correctly from
the beginning. It also minimizes the chance
that your credit file will be incomplete or mixed with another consumer's file.
· Pay your bills on time. Most lenders look at the most recent information on a report. So
if you've paid your accounts on time for the last two to three years, the lender may
weigh that more heavily than a series of late payments from five years ago.
· Set up a budget, and live within it. In the age of self-help and empowerment, managing
your finances should top your list.
· Review your credit report 60 to 90 days before making a major purchase (such as a
home or car).
Getting help
If you begin to fall behind on your payments:
· Contact your lenders. Ignoring the situation will only add to your problems. Many
lenders will work with you to set up a different payment schedule or interest rate. It
never hurts to ask.
· Pay your bills when they're due. If you have an overdue bill, unpaid debt, tax lien or
judgment, pay it off. You may find it easier to pay one affordable consolidating loan
rather than several separate accounts.
· Stop using credit until your finances are under control.
· Look to professionals if you need assistance or if you don't have time to develop your
own plan. Quality nonprofit credit counseling organizations help consumers understand
credit reports, contact creditors, manage debt and set up budgets. You might also find
credit management help at your local community college or community center.
Be an educated consumer
Going to a credit repair clinic will not be of help to you. There is nothing any credit repair
clinic can legally do for you – including removing inaccurate credit information – that you
can't do for yourself for free, and their fees can be substantial, ranging from hundreds to
thousands of dollars.
The Credit Repair Organization Act is a federal law that prohibits credit repair clinics from
taking a consumer's money until they have fully completed the services they promised. It also
requires such firms to provide consumers with a written contract stating all the services to be
provided and the terms and conditions of payment. Consumers also have three days to
withdraw from the contract.
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