(Note to consumers: This is the tenth in a
series regarding common misconceptions about credit repair or credit
restoration. The information contained is deemed to be accurate, but
If you paid cash for everything, you would have no credit history.
If you have no credit history, you have no credit!
Use of credit is important to developing a great credit score. But you must follow the guidelines for keeping it great, which include:
1) keep your debt-to-credit ratio under 30% per card
2) pay your bills on time, every time; even better, pay 2-3 days early
3) pay every bill, every month it is due, and pay at least $1 more than the minimum
4) don’t ask for more credit than you can afford.
By following these guidelines, you will develop the best credit history possible.
And remember…as your income rises, more credit is appropriate. But be selective, and be sure not to overdo it.
Our professional Credit Concierges can help you with understanding these concepts. Call us today!