Get good credit, get good credit, and get good credit! We’ve all been bombarded by the phrase, “Get good credit!” Good credit scores have always been pounded into our minds as being the key to a financially free future and a great sense of accomplishment and guess what- it’s completely right! The better your credit score is, the better chance of getting that lower APR credit card, the better chance of you getting that new car and/or that house loan you’ve been trying to get!
Credit Score Basics
No Credit History
Trying to get a good credit card without already having good credit history may seem like an impossible dilemma. You can’t get credit without credit experience, but you can’t establish credit experience unless someone gives you credit!
Because of this frustrating situation, some people have trouble getting credit cards because of their limited or negative credit history. But there are ways around it, if you know how the system works. “How do I establish credit?” you may ask. Well, it can be done, and it’s not too hard.
Credit Repair Tricks
Credit History
America has always been known for its entrepreneurs and is can-do attitude. The downside is that some businesspeople are shady operators, selling products or services that are misleading, dishonest, or downright harmful. In the old days, there were snake-oil salesmen, supposed “doctors” who sold tonics that allegedly could cure just about anything, when in fact they were totally useless. That industry is well regulated today, but in its place we have other “snake-oil salesmen”: the credit-repair racket.
Repairing Your Credit Score
Bad Credit History
We all want things in life. A dream house, a better car, or a perfect job. Sometimes we get the chance to obtain them, they’re right there in our grasp ... and then there’s nothing as bad as having it snatched away. Even worse is when the thing we had our hearts set on is taken away because of bad credit.
They’ll Ruin Your Credit Score!
Bad Credit History
If you’ve gotten to where your credit card debt and other debts are too much for you to handle, you might have considered a credit repair company. These agencies advertise everywhere, from pop-up ads to TV commercials. Everywhere you look there are plenty of credit wizards just waiting to reduce your debt and make your credit score sky-high!
As with most things that look too good to be true, most of these agencies’ claims are bunk. In some cases, they can make things worse than they were to begin with, damaging your credit score and thus your eligibility, — though they always still collect their fees from you, naturally.
Building credit at college
Using Credit Cards
When you graduate from college, chances are you’ll have two things: a diploma, and a huge pile of debt. The average nowadays is about $19,000 per student, and that’s a large increase over five years ago.
Much of that comes from financial aid, of course, but a large part is from regular ol’ credit cards, used by young people out on their own for the first time and perhaps not very savvy when it comes to financial responsibility.
Rebuild Credit Score
Bankruptcy
Every year, many people file for bankruptcy. The number is astounding – around 1.4 million people each year, considering how much of a hassle bankruptcy can be and the effects it can have on both you and your credit history. People file for bankruptcy because they find that it is the only way out of their increasing debt due to credit cards, loans, and other amounts of money they simply cannot pay for. With creditors constantly trying to get their money and people unable to make enough to cover the expenses, they finally resort to filing for bankruptcy in order to escape both the constant worry and the debts they are drowning in. Sometimes bankruptcy can help, other times it may only make the relief temporary but it does damage your credit score all the same. In the end it is up to you on how things will play out, but if you can skip bankruptcy in the beginning, you should do so.
Poor Credit History
Credit History
To get good credit card deals, you are required to maintain a good credit card history. Those who want and need to have a credit card need to take into consideration the information about them that is on their credit report.
There are several types of information placed on your credit report. There, you will find information that identifies just who you are, including your addresses, your full name, your social security number, your date of birth and the employment information that you have.
Raising Credit Score
No Credit History
Your credit score defines whether you will get great credit card deals or if you will end up with high interest rates and costly loans. These three numbers, one from each of the credit bureaus, dictate much of how our lives are lived.
They make decisions such as how much of a house you can afford, the type of car you will drive, and the places you'll visit on vacation. Most aren't aware of how their credit score is determined, no matter if it is great credit score or a poor credit score. Knowing how this happens can help you to get more credit card deals when you apply online or elsewhere for your credit cards.
First, understand what a credit score is and what's behind it. The credit score is a numeric rating of your good credit history including your ability to pay bills, the amount of debt you currently have, and the types of credit you use. The credit report is the record of your credit history, good or bad.
Three Credit Bureau Report
Bad Credit History
The best credit card deals are those that are given to individuals that have a higher credit score. The higher your good credit history is, the better financial benefits you'll get in return.
If you have a poor credit score, or would like to continue to improve your good credit score into an excellent credit score, you can do so. There is no way to instantly increase your credit score. But you can improve it, no matter what your credit history has in it. You'll need a bit of dedication and time to make this happen.
