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Tips to remain
creditworthy as you rebuild your credit
Don't move around too much.
Creditors hate to issue credit to nomads, so don't apply for credit unless
you've been stationary for at least 6 months.
Always pay more than the minimum
monthly payment.
If you send in the minimum payment every month, it could take over 3 years to pay off
your balance, because interest is accruing on the remaining balance.
Keep at least one creditor happy.
If you're in the weeds and file bankruptcy, or develop bad credit, stop spending for 6
months, and concentrate on keeping at least one of your credit accounts in good standing.
Don't change jobs
frequently.
Notice the pattern yet? Creditors like stability. If you've been at the
same job for 3 years and living in the same house for 3 years, they'll love to have you as
a customer.
Have a verifiable address.
Don't get rejected for credit simply because the creditor was unable to open the phone
book and verify your address. This can mean you move around a lot.
Do-It-Yourself Check-Up
Even if you don't have a poor credit history, it's a good idea to
conduct your own credit check-up, especially if you're planning a
major purchase, such as a home or car. Checking in advance on the
accuracy of the information in your credit report could speed the
credit-granting process.
You're entitled to one free report a year if you can prove that (1)
you're unemployed and plan to look for a job with 60 days, (2) you're
on welfare, or (3) your report is inaccurate because of fraud.
Otherwise, a credit bureau may charge you up to $9.00 for a copy of
your report.
Credit bureaus usually are listed in the yellow pages of your
telephone book under "credit reporting agencies." Three large national
credit bureaus supply most credit reports: Equifax, Experian and Trans
Union. You may want to contact each of them for a copy of your report.
Equifax
1-800-685-1111
 www.equifax.com
Experian
1-888-EXPERIAN (397-3742)
www.experian.com
Trans Union
1-800-916-8800
www.transunion.com
The Key To Stability
The key to stability is living where
you can afford the rent, even if it's not up to your standards, so you don't have to move
every year. If you move around too often you become un-creditworthy. Also, if
you're a trouble maker, that can be noted on your credit history by the apartment
management. How many banks do you think will lend money to some loser who
always had the cops called on them?
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