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Establishing Positive Credit (Part II of II)

Another method that may be used is to utilize the good credit of a close friend or relative. If there is a high trust factor between the two parties, apply for a small loan or credit card with the help of them as a co-signer. You may also ask them to add you on to one of their credit card accounts with a positive history as an “authorized user”.

There are some risks with this plan. If you do not pay the account as agreed you can damage the credit of your co-signer. If you become an “authorized user” on someone else’s credit card and they make a late payment it will also show up on your credit history. Both parties involved must be diligent in their communication about proper payments to ensure that both credit profiles will not be affected in a negative way.

You may also apply for a credit account at a retail store or gas card (Jewelry stores, Appliance stores Furniture stores, Tire stores, Gas companies, Department stores). These outlets typically have lower credit standards than traditional Banks, Credit Unions, or Major Credit Cards.

These also have some drawbacks as well. You may have to buy something that is not in your budget, and they tend to carry higher interest rates. Remember, you must use the account for it to help your credit rating. You may also damage your credit if you open too many of these types of accounts. Only use these types of accounts to build up your credit rating. The goal is to be able to get approved by Banks, Credit Unions, and major Credit Cards issuers for your credit needs (Visa, MasterCard, Discover, and American Express).

Another option you should look into is which stands for “payment recording builds credit”. PRBC is America’s Alternative Credit Bureau, providing a helpful service to the over 50 million people with limited or no credit history. If you pay your monthly bills on time, PRBC can help you build credit through what is called alternative credit.

Most of us get frustrated when we pay bills like; rent, cell phone, insurance, cable, electric & utilities, and daycare on time and they don’t report the on time payments to the three credit bureaus. But make one payment late and it will be reported. With PRBC, your on-time payments count. You build credit for paying your bills on time, even if you have no credit history. It can also be used if you have accepted and are paying back a loan to a friend or relative. PRBC, is supported by the National Association of Mortgage Brokers, and The Federal Reserve Board of Governors. Its reports are accepted by the country’s biggest mortgage lenders Fannie Mae and Freddie Mac. Please visit this web site for more information on building your credit.

Remember that building your credit is not done overnight, but if you follow these strategies you will be headed in the right direction. In summary; open a checking and savings account at your Bank or Credit Union. Open new credit accounts and use them properly, pay them early or on time. Use the help of family members or friends if the situation is right. Create a good credit mix by having at least one good installment account, and one good revolving (credit card) account. Stay within 30% of your credit limit on revolving accounts, and keep your overall debt low. Use the website to assist your efforts through alternative credit. Make sure you check your credit report for errors that may be lowering your credit scores.

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