Five Quick Tips To Build Your Credit

Dated: 02/27/2017

Views: 334


business hand clicking your credit on virtual screen interfaceBuilding and maintaining good credit is one of the key components to being able to borrow money for large items such as a home or a car. Your credit history begins with your first credit account, and how you pay your bills impacts your credit score. In order to maintain a good score, you must use your accounts responsibly, pay bills on time, and keep balances low.

Here are five quick tips on how to build your credit:

  1. Borrow what you can afford to repay. Making a habit of only borrowing what you can afford will ensure that you can pay the money back in a timely manner. This allows future creditors and lenders to know that you are a responsible borrower.

  2. Use only a small portion of the credit you have available. Maxing out your credit cards is never a good idea when you are trying to build credit, especially if you do not pay off the entire balance each month. Experts say that it is best to stay below 50% of your credit limit, but less than 30% is even better.

  3. Avoid multiple credit cards. The more credit you have available, the more you may end up using, which, in turn, makes it difficult to pay off the bills each month. Learn how to be responsible with one account before you open others.

  4. Make payments on time. The best bet is to pay your bills on time each month so that you don’t have to overcome the hurdle of a debt collection or have your score lowered by late payments.

  5. Say “no” to incentives. When the cashier offers you the opportunity to save 10% by opening a store card, don’t be tempted. With all of the credit awards programs available, it may be alluring to open multiple cards in an attempt to rack up points. Fight the temptation and begin with one credit card.


Call Us Today to Buy, Sell or Lease!

Karen & Henry Seale

www.SealeTheDeal.com

(409) 770-4076

Image title

Latest Blog Posts

HOW TO UTILIZE SMALL SPACES IN YOUR HOME

 In the wake of changing mindsets over large homes and the shift to sustainable living, un-used space has become a “no no” in the home design industry.  These changes emanate from low

Read More

Four Ways To Prep Your Home For A Summer Getaway

Whether you’re itching to take the vacation of your dreams or you’re ready for a fun getaway with the whole family, summer is perhaps the best (and most popular) time of year to travel. But

Read More

IS THERE A PERFECT TIME TO SELL YOUR HOME

Here’s what you should consider before selling your home, and whether or not there is a perfect time to do so. Consider your personal financesFirst thing’s first: you have to consider your

Read More

More People Pay Their Mortgages On Time But How Long Will This Good News Last

By Kenneth R. HarveyFebruary 27, 2019The Washington Post, Real EstateIt’s a real estate and social barometer that doesn’t get a lot of publicity, but it’s important: More Americans are paying

Read More