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How to Build a Better Credit Record

You may have overlooked improving your credit record due to other more pressing concerns. But, if you’re experiencing financial troubles, building a better credit record is vital for accessing new credit with appealing terms.

Building a better credit record is quite simple:

  1. Take out small amounts of new credit or small loans and pay them back according to the terms of the agreement – on time and in full.
  2. Add new positive information to your credit record.

The negative information on your credit record will slowly disappear, as most harmful credit information remains on your record for a maximum of 7 years and 6 months. Over time, the positive information on your credit record will overtake the negative. Of course, this will only happen if you manage your debts responsibly.

Possible effects of a negative credit record:

  • You won’t qualify for low-interest credit cards
  • The bank won’t lend you a considerable amount of money
  • It may affect your job opportunities as some employers run credit checks
  • Your current employer may deny you a promotion
  • Life insurance companies may charge you higher premiums or refuse to sell you more insurance
  • Your rental opportunities may be affected as landlords run credit checks

You may be denied particular kinds of professional licenses or security clearances.

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