Repair Your Credit | Building Good Credit (Pt. 1)

Building and Maintaining Credit

Welcome back to the “Repair Your Credit” E-book. Last time, we talked about eliminating consumer credit debt and considering whether that last line of defense - bankruptcy - was right for you. This time, let’s talk more about you’re going to rebuild your credit without excessive use of online payday loans or credit cards.

Good credit, meed financial success

A big part of financial success depends on building and maintaining your personal credit. Everyone has a credit scored determined by the nation’s three leading consumer credit bureaus. I’m talking Experian, Equifax and TransUnion. The credit score is then used by creditors to judge your financial reputation and how likely they think you’ll be to repay the credit you’re petitioning for them to grant you. The higher your composite score - your FICO score -  the better your financial reputation. You’ll have more opportunities to obtain goods and services through credit. Not only that, but you will receive lower interest rates and be able to borrow larger sums of money that someone with a lower credit score would, whether it’s for buying a car, house, business or anything e lse.

Establishing a higher credit score will also allow you to obtain a line of credit with your bank. This may sound the same as being able to borrow larger sums of money like I just mentioned, but there’s an added perk: you will have access to funds on a regular basis without prior approval. This type of credit line can be a life-saver for a small business, because it truly does “take money to make money.” ... click here to read the rest of the article titled "Repair Your Credit | Building Good Credit (Pt. 1)"