In the modern world, credit history is about much more than getting a good rate when buying a home or purchasing a new car. Your credit score can have heavy influence on many areas you might think should have nothing to do with your borrowing history. With a low credit score, you may have a lease application rejected when you believe you meet all the required criteria. Believe it or not, you could even be denied a professional position because of blemishes on your financial history. They are scary, almost offensive, facts, but in a world where information is so readily available, credit history is more important than ever. There are a few major steps a person can take to make sure that they start building credit effectively and maintain a good credit score throughout their life.
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First of all, you should learn how a credit score is calculated. The two most important factors are if you pay your bills on time and how much of your available credit you use. Tending to the former is pretty self-explanatory but can be made easier through automatic payment systems. The latter can be a bit trickier. A good rule is that you should never go over 30% of your limit. Remember, you can have a good credit score without keeping a balance on a card, and you are always safer paying in full each month.
Second, you should always check your credit score regularly. The three major credit report bureaus are Equifax, Experian, and Trans Union and it never hurts to check with all of them. Your report will give you an idea of notes that lenders have made regarding your borrowing history. Checking your report frequently will also allow you to catch discrepancies before they develop into serious problems. Identity theft is a more and more frequent issue and vigilant monitoring of credit reports is one of the best ways to find out if someone has stolen your personal information.
Finally, using your credit accounts lightly but on a regular schedule will assure that you stay out of financial trouble but are still keeping a high credit score. In order to generate a score, you must have had a credit account for at least half a year, and one of your credit accounts must have been active within the last six months. If you get a credit card but never use it, the lender may simply cancel your account.
A strong credit history can be a strong financial tool. Credit can also get you in deep trouble, though. If you have slipped into serious debt and your credit history is suffering, you may want to consider filing for bankruptcy.
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