Based in Valencia, California, Think Credit Reports has provided credit data to consumers for more than five years. Customers of Think Credit Reports can obtain reports from all three of the credit bureaus in the United States, and can become premium members to receive more frequent reports at no extra cost. As important as credit is, how can someone who has never borrowed money build it from scratch to receive favorable terms when they do need it?
Obtaining a credit card is one way to build credit. When card balances are paid off regularly over a period of time, it is reported to bureaus that you are making the payments and it reflects positively on your rating. Similarly, putting a rental property lease and bills in your name will help generate a financial history. Making on-time bill and rent payments provides you with a history of payments and can help to establish you as a creditworthy borrower. Furthermore, it can be beneficial to apply for a card with a specific business where you already regularly spend money, such as a department store or gas station, and use the discounts and spending to your benefit while building a history of consistent, on-time payments.
Once a good record of borrowing and repayment is established, it is important to maintain the score by limiting credit card spending, never overspending when a payment cannot be made on the transaction, and by maintaining a simple routine of always paying debts as they arise.
Obtaining a credit card is one way to build credit. When card balances are paid off regularly over a period of time, it is reported to bureaus that you are making the payments and it reflects positively on your rating. Similarly, putting a rental property lease and bills in your name will help generate a financial history. Making on-time bill and rent payments provides you with a history of payments and can help to establish you as a creditworthy borrower. Furthermore, it can be beneficial to apply for a card with a specific business where you already regularly spend money, such as a department store or gas station, and use the discounts and spending to your benefit while building a history of consistent, on-time payments.
Once a good record of borrowing and repayment is established, it is important to maintain the score by limiting credit card spending, never overspending when a payment cannot be made on the transaction, and by maintaining a simple routine of always paying debts as they arise.