Good Credit. Part 3. Building Credit.

Situations Ripe for Building Credit.
You go to the gym to build up your body and you feel sexier. You like the way you look in the mirror, and you develop a certain confident swagger. People of the opposite sex find you more appealing. It's the same with creditors—they love to see the power of your "credit muscles" (your repayment history). But sometimes, as in the following instances, you have not yet built your credit muscles:
■$■ You're young and haven't used any credit yet; or
■$■ Your old credit card spending habits got you into a lot of trouble and you
cut up all your cards years ago. To avoid repeating your past mistakes, you pay for everything in cash and, consequently, your credit report is completely empty; or
■$■ You think that debt is bad and have always paid for everything with cash. Many people think—erroneously—that being debt-free is a positive trait valued by lenders; or
■$■ You're just out of a bankruptcy and you need to take those baby steps to rebuild your credit.
A certain amount of forgiveness is granted in these situations, but not forever. There must be some evidence of credit building. If you're a ninety-pound weakling all your life—credit wise—you'll have difficulty attracting that special someone willing to trust you with a loan.

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Before You Apply Yourself…
When you want to look your very best, what do you do? You work out, start taking showers every day, even cleaning behind your ears and pulling up your socks, right? A little cologne, combing the hair. You don't leave the house until you have primped at least a little bit. Equally, you must first prep your credit report before using it to attract creditors.
Now I'm not talking about handing in a credit application laced with Old Spice, or sealed with a big pucker of lipstick; I'm talking about looking at your credit report just like you'd have a look in the mirror before stepping out of the house. Even if you have never gotten a credit card or a loan, it doesn't mean that your credit report may not have mistakes on it. Someone else's credit may have been placed erroneously on your credit report, for example. You must make sure that your credit report is as attractive as you can get it. Begin by obtaining a copy of your credit report and examining it thoroughly. Follow the guidelines in Chapter 4 for analyzing your credit report and Chapter 25 for getting rid of blemishes (errors or derogatory marks), then use Chapter 26 to lose that credit "spare tire" (excessive inquiries). Having your report in tip-top shape will help you immensely when you apply for new credit. Once your report looks almost as good as new, it is time to start adding positive credit.
Keep in mind, however, that building or re-building a credit report is not a quick-fix situation. It generally takes a year or two to complete. Don't fall for promises of a "glowing report in a matter of weeks" from so-called credit repair agencies. It just doesn't happen that way any more than you can flatten your stomach overnight. There are, however, a few things you can do to jumpstart the process.

© Copyright 2001,2004, 2005 by Kristy Welsh