Friday, May 11, 2012

Keeping Good Credit in Six Simple Steps

If you have ever had to repair your credit, you want to make sure you never go there again. Unless you are a sucker for punishment a second time around, read on into the following paragraphs for tips on how to keep your good credit rating high.

From now until the end of time, make every payment you owe anyone on time. For structured loans, this builds credit. For more casual arrangements, this means engendering trust with the person you owe money to.

Use prepaid cards for your credit needs. This way you never spend more than what you have, but you also get regular reporting to your credit history.

If you do have an unsecured credit card, only go with one that has very high levels of security. Higher credit scores are more susceptible to identify theft and credit fraud, so make sure that your boosted credit score is protected by your credit card company.

Even though you might feel tempted to close old accounts and walk away from bad memories, do not do it. Having open accounts for long periods of time means that you have regular and steady streams of data and information being compiled on your credit reports, boosting your overall scores.

Think about switching to a credit union. You need a different story to tell and lifestyle, so switching away from mainstream banks is a great step to take.

Do not file for bankruptcy. This will not only obliterate your credit report, it will do so for seven full years, possibly ten.

Keeping things simple keeps you out of traps you do not want to be in. Apply the ideas presented here to take care of yourself. Doing so will protect your credit history, reports, ratings and money, which just means a brighter financial future ahead.

For help with Upper Keys Real Estate and Mortgages contact Kim Bagnell

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