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How to build your credit score part 1

Posted by Percy A Lowe on September 24, 2013 at 7:00 AM

Often enrolling into a debt settlement program for one basic reason to seek immediate relief from the requirements of having to pay extremely high monthly minimum payments on their credit cards. Sometimes is the best solution for saving your credit score.

The requirements of having to manage the life needs bills and  minimum payments on credit cards, loans of any type that are rendered virtually useless because of being over extended financial with debt has proved to be a huge burden on the public.So, going through some debt management are debt settlement program helps save your credit from time to time.

Inherently when the public suffers through some type of financial hardship they become unable to pay, and get reported to each of the credit bureaus as delinquent. A 30 day, 60 day, 90 day, and 120 day late payment can do a lot of damage to your credit score. That is why you need to offset those late payments with some positive payments by using your life needs to help during time of distress. You can learn to use your life needs and banking techniques to help save your credit from total damage from: coveringyouwithwealth.

At some point things usually change for the better with time and in particular after enroll ling into a debt settlement program that will lower your monthly bills. Then, it is time to figure out a way to repair your credit. Before you even enter into a debt settlement program you should have been using your life needs to build up your credit score. You pay those bills on-time every month. So, since you do why not reward yourself instead of allowing your money to go without reward. We as consumers have to learn are become educated on ways we can use our money wisely on our life needs. 

The building of your credit is the essential proof to a future lender that you are a worthwhile borrower. As they say, past performance is indicative of future results. In other words make your monthly payments by paying your bills on time without fail, no excuses. A good payment history is the single most important thing you can do to increase your credit score. Stop let's think you have two set of bills you pay in life one is your life needs they is never reported to the credit bureau as good payments towards your credit score. Secondly, you have items that you have acquired because at some point you had a worth while credit score that the lender saw as credit worthy. In which the lender will report your positive payments to the credit bureau's as good payments for you. So,that you can have a good credit report card for future use.

The positive payment history gets reported to the credit bureaus and that will go a long way towards increasing your score. Now, let's look at this what if their was some way to get all those life needs bills added to your credit score as good payments as well. Think what would your credit score be like since you been paying those bills on-time for the last 20 years of your life. That is why you need companies like; coveringyouwithwealth to open new educational ideas that can go a long way in your families financial education.

One of the easiest way to ensure a good payment history is to apply for and open up a secured credit card. A quality secured card will allow you to deposit a set amount of money onto your card similar to how a pre-paid or debit card works. For example, you deposit $200 on to your card and that becomes your limit. Every time you participate in a transaction using your own capped amount of money it will get reported positively to the credit bureaus by the creditor. That is a great way to get started repairing your credit. Although there is a lot more to know about secured credit cards. So, just don't go applying for secured credit cards without some type of education because all the cards has their own way and system. 

Another way to increase your credit score by obtaining positive trade lines is to request to be added as an authorized user. Seek out a family member or friend who has good credit and who trusts you. Build their trust by demonstrating a capability to be responsible in other areas of your financial life. If that person contacts their creditor and adds you to their credit card as an authorized user every time they make a payment on time on that card it gets reported positively for you as well. Next, you can use your extra income to build your own credit without being added to someone else credit file you can learn this as well from coveringyouwithwealth you want to build your credit just as well as a relationship with a local bank and credit union. 

By Percy Lowe


Categories: Building Credit Score

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