How To Improve Your Credit Score - Part 3 - Build Your Credit
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Want to know how to improve your credit score? You're in the right spot. In terms of how to fix your credit, do it yourself credit repair is the best choice. This 4 part presentation will show you how to rebuild credit, how to raise your credit score, and even build credit from scratch. Learn about credit ratings, credit history, credit repair, what is a good credit score, what is a bad credit score, and so much more! - From Fix My Credit University www.fixmycreditu.com
Transcript of How To Improve Your Credit Score - Part 3 - Build Your Credit
- Part 3 Build Your Credit Copyright Fix My Credit University WWW.FIXMYCREDITU.COM
- Building Credit Starting from scratch
- Where Do I Start? Starting Points Checking Account Savings Account Job
- What Am I Working With? Total Recurring Debt Gross Income Debt To Income Ratio Keep below 36%!!!
- Know The Mistakes Not paying bills on time. (due to lack of funds) Paying off a store card, with another credit card. Forgetting to pay credit card bills, even if you have the money. Closing a credit card if you have a few late payments. Only having one credit card and never using it at all. Leaving high balances on credit cards month to month. Refusing to pay certain charges out of a dispute. Typically occur between ages 18-24
- Know Yourself Take note of common credit mistakes. Take a personal inventory of your areas of opportunity. Setup action plans for prevention.
- Diversify Store Credit Card Credit Card Auto Loan
- Keep Control Just because you have credit, does not mean you need to use all of it. Stick to small purchases that you can pay off when your bill is due.
- Automate *** Setup Automatic Bill Payments ***
- Double Up ***Make double payments on your loans. *** Make sure you are paying down the principal!
- Bump It UP Every six months contact your credit card companies and ask for a credit increase.
- Protect Yourself Shred sensitive documents with account numbers, social security numbers, etc. Request statements be emailed instead of mailed. Cut up old credit cards.
- Co-Signing Dont do it! If they dont pay, its your debt!
- Building Credit Step by step
- Step 1 Get a savings and checking account set up at a local bank or credit union.
- Step 2 Get a credit card from said financial institution.
- Step 3 Get one or two store credit cards. (Remember, they should have good incentive programs and be from stores you shop at regularly.)
- Step 4 Set up auto bill pay on the aforementioned credit cards. (Eliminate the possibility of late payments.)
- Step 5 Sign up for a Credit Karma account.
- Step 6 Download the app for your smart phone / tablet and monitor your credit regularly.
- Step 7 Pay your debts early each month.
- Step 8 Shred all sensitive documentation you receive in the mail. (Things with account numbers, social security numbers, etc.)
- Step 9 Arrange for your credit cards to send you electronic bills and statements via email. (This will give you less documentation to shred.)
- Step 10 Relax
- Part 4 Frequently asked questions, tips, and tricks
- If you want a guide to hold your hand through the process of fixing your credit score, check out Fix My Credit, Build My Credit. Save money on expensive credit repair services and do it yourself! WWW.FIXMYCREDITU.COM