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Your Credit Report
Can Be The Envy Of All Your Neighbors!
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Sometimes, by the time you find out that there is such a thing as AAA
credit, it’s only because you don’t have it anymore. It is possible
to repair your credit once things have gone wrong and reestablish credit
at that level, but beware of gimmicks. There are the obvious options
of bankruptcy, credit counseling, and debt negotiation in order to get
your credit cleaned up. Those are viable options, but you may be disappointed
to find out that they will take some time to reestablish your credit
rating—sometimes years. Many people try and bypass these common sense
methods and instead turn to the plethora of books and videos that promise
to give you an “AAA Credit Rating in 30-Days.” They make promises of
credit ‘secrets,” and amazing tricks that they will share with you—for
a fee. Unfortunately, all of these are either scams, or someone packaging
and selling information that’s available for free. In short, if your
goal is to reestablish AAA credit, it might be best to take the long
road instead of the quick fix.
If you are just starting out with a clean slate and want to build fabulous
credit and keep it, the first thing you’ll need to do is to set up a
checking and a savings account. Points will be deducted from your score
if you don’t have them. If you don’t have any credit history, begin
by getting a credit card that has a manageable limit and low interest
rate. Secondly, don’t borrow more than you can pay back. As you begin
to use credit cards, which are an excellent way to build AAA credit,
make sure you don’t go over credit limits or keep balances too high.
Eventually, you will want to own two to four cards. This will help your
score because it shows lenders that you are managing your credit and
you can handle the responsibility. If you are trying to rebuild, you
may have to start with a secured credit card, and then build from there.
It’s important to keep your debt to income ratio under 20 percent, and
don’t make too many requests for additional credit. Every inquiry for
a credit card or a loan shows on your report. If there are more than
four over the past year, that’s a strike against you. Stability with
your home and your employment helps a great deal in establishing AAA
credit. If you’ve been in your home four years or longer, and with your
current employer for five years or more, you add more points to your
score.
Finally, make sure to monitor your credit history. There are agencies
that will send you notification every time someone makes an inquiry
on your report and will allow you a certain number of requests for your
credit report per year. If you don’t require that much monitoring, just
request a copy of your report once a year from each bureau. Look it
over carefully and then follow the procedures to challenge any errors
in writing. If you are diligent and responsible, you will have AAA credit
before you know it!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
Other Credit And Real Estate Related Information
American Grant
Provider Directory
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grant money is non-taxable and interest-free!
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