10 Way to Build Credit History

10 Ways To Build Credit With No Credit History

Trying to get credit when you have no credit history is a catch-22. Lenders rely on credit reports to assess their risk and many aren’t willing to lend to borrowers without enough history to generate a score. We usually assume that this problem only affects  young borrowers, so you might be surprised to know that 1 in 5 Americans  have no credit score.

Approximately 26 million Americans are “credit invisible” meaning they have no established credit with any of the major reporting agencies. Another 19 million Americans are considered “unscorable” which means they didn’t have enough credit for a score or their credit has been inactive too long to be scored. 

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Good Habits That Will Help You Repair Your Credit

Good Habits That Will Help You Repair Your Credit Score

Have you finally caught up on your past due loan payments? Perhaps you just completed a debt relief program and were able to settle your debt for less than you owe?

If you have been working hard to pay off, settle or consolidate your debt it can be frustrating to see your credit score drop or stay stuck. Unfortunately, when it comes to debt relief a temporarily lower credit score may be a part of the process. 

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7 Reasons You May Need Credit Repair

Certain types of credit damage take longer to repair than others. If you have many different types of debt you may need to prioritize which type is causing the most damage and resolve it first.

When it comes to your repairing credit there are two ways to look at the damage, short term damage and long term damage. Short term damage can be repaired by paying down balances, making regular payments for 6 to 12 months, changing your credit mix and disputing inaccurate information. Long term damage requires you to wait seven years or make payments on debt for longer than 12 months before your credit utilization improves.  

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You’ve Become Debt Free…Now What? Financial Moves That Make Sense

When you’re focused on getting out of debt, most folks get caught up in the process and don’t think beyond achieving that goal.  If this happened to you – don’t worry!  It’s happened to almost everyone who’s successfully eliminated large credit card debts.  But the fact is, if you are consistent and committed to paying off your debt, it will happen. So then what? If you don’t have a plan for what to do with your money once your debt is paid off, it can be all too easy to start a cycle of over-spending that will leave you where you started. Here are several things you need to do once your credit card debt is paid off.

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3 Biggest Mistakes People Make When Paying Off Debt

3 Biggest Mistakes People Make When Paying Off Debt

The decision to get yourself out of debt is a life changer, if you are willing to make the necessary commitment that goes with that.

Getting out of debt involves more than just paying off a few credit cards. It means changing spending habits; learning to how to budget; knowing who and how much you owe; prioritizing debts; creating emergency and retirement funds; and knowing where to find help when you get off track.

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