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October 17, 2012 by  
Filed under Blogs, Credit Score

7 stepsEstablishing credit helps build financial stability. If you have no credit history, there are several easy steps you can take to establish it.  There is a common misconception that no credit is as bad as poor credit.  This is not true.  However, establishing credit  from scratch requires some time and a little afford. Here are 7 easy steps to help you establish credit:


  • Join a credit union.
  • Open a checking and savings account.
  • Make steady deposits to savings account.

Don’t be discouraged if currently you can put small amount towards savings. Focus on making regular deposits and stay on track.

  • Avoid overdraft on your checking account.

Overdrafts are indications of a cash flow problem.

  • Open a credit card.
  • Open a Secured Credit Card.

If regular credit card is not an option right now start by opening secured credit card. Your credit union is a good place to apply.

  • Get copy of your credit reports from credit bureaus.

If you find any errors work on correcting them yourself or hire professional credit Repair Company.

Change your Thinking About Credit

July 26, 2012 by  
Filed under Blogs, Credit Report

by: .
change your credit

1. Your credit report is your resume

Consider your credit report as a positive reflection of how well you repay debt. A lot of people see credit, whether good, bad, or ugly, as something that happens to them. Your actions directly impact your credit report, and good credit is the result of properly managing your bills and finances. Credit is not something that just happens to you, you control your credit, and in turn how potential employers and lenders see you.

2. Your credit report is an asset

Your credit determines your creditworthiness when applying for loans. It determines your interest rates, down payment amounts, and whether a lender can trust you to pay back the amount you are borrowing. You should protect your credit the same way you would protect your child. Never sign anything until you completely understand all of the term and conditions. And do not risk your credit by co-signing for other peoples loans.

3. Build your credit Portfolio

a. Your credit file must be built thoughtfully, carefully and strategically, account by account. Make sure that you establish a good mix of credit via both installment and revolving loans, credit variance accounts for 10% of your credit score.

b. Do not close old inactive accounts, keep them open and keep them active so that the issuers do not close them.  The older your accounts, the better. Length of history accounts for 15% of your credit score.

c. Keep your balances low in relation to your credit limits. A good rule of thumb is to keep your balances under 20% of your credit limits. Example: If you have a credit card with a $1,000 limit, keep your balance at $200 or less. Amounts Owed accounts for 30% of your credit score.

d. Limit yourself to applying for a maximum of one credit transaction every 6 months. New accounts will lower your average length of history and too many hard inquiries will tell creditors that you are hungry for credit and lower your credit scores.

4. Shop around and do your research

Shop around for the best available interest rates and terms. Do not settle for the first offer, haggle on everything from the price to the interest rate. Do your due diligence and read offers for credit thoroughly so that you are not blindsided. Take your time, do your research, and don’t be rushed into anything, even when pressured by a salesperson.

5. Good Credit is cheaper

Having bad credit can be very expensive. It’s very common to see people with bad credit paying twice as much as a person with good credit for a mortgage, auto loan, or credit cards. But, applying for credit doesn’t have to be a nerve wrecking experience. Buying a new house or car should be an exciting time, and it is if you have good credit. You can qualify for the best deals, the best rates, and the lowest monthly payments. Good credit dramatically improves your quality of life by decreasing your monthly expenses and increasing your borrowing potential.

So what are you waiting for? Sign up today and take the first step to Good Credit Now!

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