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8 Steps to Good Credit by Kianna Smith

When you’re planning on making a significant purchase and
your credit report is the deciding factor for approval, you
should make certain that you credit report is in good standings.
Here you will find tips on 8 steps to good credit.

Step 1: Make timely payments
It is Important that you focus on making timely payments on
your financial obligations. These obligations consist of any
form of payment which is applied to accounts established to
pay over a period of time in monthly installments. Also make
sure you make the total payment due rather than partial
payments. You can accomplish this with ease if the creditor
offers auto payments taken directly from your bank account.
This is best for fixed payments and to ensure timely receipt of
payment by your creditor. Note if you miss a payment or are
late on a payment make sure you contact your creditor ahead
of time and have the issue resolved before it becomes a
delinquent payment on your credit report.

Step 2: Create a consistent payment history
Creditors report your payment history to include the number of
late or non payments therefore you want to make certain you
are not only timely with your payments however consistent
with making full payments. This is easier to accomplish when
you’re making payments to a credit card. Rather than paying
the minimum amount required pay the total balance to show
you’re responsible for your credit commitment.
By doing so you will establish a consistent payment history
which is favorable to many creditors, in order to create a
strong payment history and never make finance purchases
using your credit card and have an available home equity line of
credit.

Step 3: Avoid too many credit cards
When establishing a credit history you will become inundated
with letters pre-approving you for lines of credit. Even if the
creditor makes an attractive offer on the interest rates you
should avoid having more than four credit card accounts at one
time. More than four credit cards will not improve your credit
rating however will harm your credit rating because you’ll
appear to be over extended in credit cards.

Step 4: Let go of the department store and gas credit cards.
Because you want to maintain a minimum amount of credit
cards, the other specialty credit cards are not necessary, bare
in mind your goal is reduce the number of credit cards reported
on your credit history.

Step 5: Refrain from having multiple outstanding loans.
When your credit report shows a number of outstanding
accounts that are well over your income limit these open
accounts can damage your credit rating. In order to sustain a
suitable credit rating you should alleviate your credit report by
combining large account balances, deactivating idle credit cards
and pay off smaller outstanding loans whenever possible.

Step 6: Refrain from maxing out your credit card limit.
Never spend the maximum amount available on your credit
limit. Creditors will view this practice negatively and you will
be considered a high risk because of your irresponsible
spending habits. Try to maintain a balance lower than 50
percent of your available credit but not to exceed 60 percent
when possible.

Step 7: Conduct annual credit report reviews.
There are a number of credit reports which have errors and do
not reflect the actual rating of that credit report. Most often
creditors fail to report payments or make incorrect reports to
your credit report. In addition to errors you also want to keep
your employment and resident information updated if there are
any changes. Monitoring your credit report at least once a year
can help you to target errors and have them corrected as
recommended by all three major credit reporting agencies.

Step 8: Reduce the amount of Credit Inquiries.
Credit inquiries are applied to your credit report every time your
credit is in questions. When there are too many inquiries on
your credit report it is considered negative. Limit the amount of
credit accounts you apply for to reduce the number of
inquiries.  
8 Steps to Good Credit
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