Six Tips on Building Credit History
8th May 2009 by Credit No Comments- Good Debt Vs. Bad Debt
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Everytime you don’t pay a bill on time or you spend too much money the record goes on your credit history. Good Credit is important because it allows you to buy big items such as cars, and houses. So here are a few tips to build a good credit history.
1. Budget your money. Write down what you spend, and see in which areas you can cut expenses.
2. Have a savings account. Make sure you regularly put money into it so you always have some money.
3. Switch from having multiple credit cards to one low- interest credit card.
4. Take out a home equity loan to pay off credit card debt (if you own your home). Te interest on this loan is normally tax deductable
5. Prevent bouncing checks by keeping track of what you spend and balancing your checkbook regularly.
6. Make sure to pay the bills on time so there are no late fees.
