Monday, May 27, 2013

How to Improve Credit

I.       Why it is important
a.       To buy a house, car, etc…
b.      Employers may ask to look at it
c.       To get loans

The first step to establish credit is to get a credit card and learn how to use it.

II.    Get  a credit card
a.       Go to your bank to get credit card
                                                              i.      Bank looks at your credit limit every 6 months
                                                          1.      Look at payment history and income
b.      Use credit card often rather than debit card
c.       Get a retail credit card
                                                              i.      Attempting to get retail card lowers score (10%)
                                                            ii.      10% on how well you can manage multiple credit cards and loans
d.      Pay bills, credit cards and loans on time
                                                              i.      35% based on payment history
                                                            ii.      30% based on  outstanding debt

The longer you have credit the longer your credit history will be.

III. Get your credit history
a.       15% based on length of time you have had credit
                                                              i.      Can view online or get from mail
                                                            ii.      Make sure everything is correct
                                                           1.    Contact the right people to fix mistakes

No comments:

Post a Comment