Credit and Your Payment History

How to Build Your Credit Scores

Credit increase credit debt team jeffeson

Did you know..

The only way to build your good credit is by utilizing credit accounts to establish a payment history and show responsibility by maintaining very low or zero balances.  A payment history, however, will take time to build your scores since it is based on the history of your payments being made on time. Simple as that! Your credit payment history makes up 35% of a Fico Score. So if you’re trying to make a comeback from derogatory credit or build new credit remember to be responsible with your payments and set reminders or auto payments to ensure you are not late with even one account that reports to the credit bureaus.

Build Your Credit

Learn ways to be responsible with your credit and your finances.

Paying by cash is a good practice to help save money because generally it is harder to hand over cash however,  paying cash for everything or paying with a debit card does not impact your credit score as all since it does not establish a payment history.

In most all of our lives we will need to purchase something on credit. It is best to work hard to maintain the best credit rating possible so you will be prepared and will receive better interest rates due to your excellent credit rating which will also save you money in the long run.

 

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More tips to come, give us a Like, Share, Follow so you don’t miss anything!

Is it okay to miss a credit card payment?

Ways to correct credit before you buy a home.

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2 Responses to “Credit and Your Payment History”

  1. Shannon Says:

    Thank you! I wish they taught this in school back in the day!

    • Donna Jefferson Says:

      I agree with you Shannon! As important as credit is to our lives you would think it would be taught in High School, Credit 101 along with Personal Finances. I do believe it is also up to the parents to ensure our children learn these lessons early in life as it is much easier to build credit than RE-build credit! Thanks for your comment Shannon!

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