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Start Building Credit Fast!
There are a couple of reasons for this. You can pay your bills
on time for years and never gain more than a few points on your
credit score.
As you probably already know, paying minimums on credit cards
and bank loans do not lower your principle amount very quickly.
When your balance is too close to your credit limit on a card, it
actually hurts your score, even though you may be paying your
bills every month without fail.
Paying the minimum can actually hurt you in some cases,
especially on cards with high balances. Banks like to see plenty
of breathing room on your credit cards. You are more creditworthy
to them if you have plenty of availability on your cards.
Another reason you may be denied credit is your debt-to-
income ratio. If your total debt is too close to your total
income, Banks will not extend you credit. I struggled with these
issues for years until i figured out what i was doing wrong.
Every time i would lower my balances, I would run right out and
build them back up.
By paying down your balances and making smaller purchases on
your cards, you can raise your score significantly in just a few
months. Only buy on credit what you can pay off at bill time. Buy
something and pay it off... Buy something and pay it off... You
get the idea. This will eventually get you higher limits and
lower your rates, as well.
So, you can keep paying bills on time for eternity, but until
you lower your balances and decrease your debt, you'll be stuck
in credit score mediocrity.
Eric Barnes is an expert on internet marketing and information
products. He has been selling on the web for more than five
years. He lives in Cleveland, Ohio with his wife. You can learn
more about his products at http://www.ebookdepot.net or
contact him at erock21@adelphia.net
MORE RESOURCES:
Credit - Google News
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