There is no better way to put this; bad credit is bad for you. It limits you in more ways than you can imagine. It can stop you from getting that new home, or from furthering your education, or from even getting that new job. Apart from the obvious financial implications, bad credit has on you; there are so many ways it can hurt you now, an in the future, that is why it becomes even more important to eliminate any bad credit build good credit. To find out more about the importance of building good credit - Contact ACAP Acqusitions Capital.
From the very first credit card you obtain, everything starts to build up and add to your credit card history. Having a good credit card history is dependent on you being responsible in the way you use your credit.
Build credit by obtaining Credit
Good credit history shows that you have been responsible with credit, and it means you've handled your credit well, and you've been able to pay on time. You can obtain credits from credit card issuers, and from banks. If this is your first time of getting credits, it might be difficult getting it from the bank; you may likely obtain the credits through; secured credit card, and retail store credit cards
Make on-time payments
One of the most vital determinants of your credit card score is your payment history, and this dates back to your very first credit card. If you make on-time payments consistently every month, you will get a good score, and you keep at it for a long time, your score will definitely be appealing.
Always start with a single credit card
It isn't advisable to accumulate as much credit card when you are a first-time credit card user. Dial it down a notch, and don't fall prey to opening open up as many credit cards as soon as possible. It's not rocket science if you have many credit cards, it, therefore, means you will have to pay more to keep your records decent and your balance in shape
Place a limit on what you borrow
Don't go above your means when it comes to credit cards. Never borrow more than what you can pay. You want to show you are a responsible borrower, for posterity sake, so it is necessary and wise to borrow within your means. Don't max out your credit cards, and ensure to keep your balance at least below 30 percent of the limit imposed on the card.
Make above minimum payments on credit cards
Your credit card score is affected by when you pay, and the balances owe. Don't hesitate to pay your full balance each month, and it means you don't place so much debt on your shoulders. You can go as far as paying above the minimum requirements so you can shed off those payments fast, shorten your debt length.
If you employ the following points highlighted above, you stand a chance of building a good credit score and paint you in a good light in the eyes of creditors and financial institutions.
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