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A credit history is a document that can affect not only the benevolent attitude of the financial system towards its owner, but also the business reputation. Therefore, it is important to take the process of creating a credit history seriously.
Why to have credit history?
Credit history – a set of information on the credit obligations of a particular individual. The composition of the document, stored in a special organization – the credit bureau (BCH), includes information about:
- when a person applied for a loan;
- received the desired loan or refusal;
- whether there were delays and arrears;
- whether judicial penalties were imposed.
A positive credit history, testifying to the responsibility and discipline of the borrower, leads to the fact that:
- banks issue loans without delay on the most attractive terms;
- employers trust serious work;
- insurance companies reduce the policy cost.
A negative credit history, or even worse, its absence, becomes an obstacle on the way between the borrower and the financial assistance of credit institutions.
How do I open a credit history?
Starting to create a credit history from the begining, you should approach the process deliberately:
- evaluate your own solvency;
- choose a reliable bank;
- select a good loan offer.
- resist the temptation and do not haphazardly submit applications to all banks in a row.
Purchase of goods by installments
Purchase the necessary item in the store using the installment plan service. There is no need to worry about overpayment, because you will not have to pay interest. The main thing is not to rush, but pay off the debt, according to the schedule attached to the loan agreement.
For credit history, it is necessary:
- the more positive information, the better;
- early repayment of debt is not encouraged.
In order for the purchase to be beneficial for the credit history, it is necessary to sign an agreement not directly with the store, but with the bank participation.
Credit card
You can apply for a credit card, and it is better to do this at a bank in which the borrower is a payroll client. The advantages are that:
- no need to prove solvency;
- the only document required is an ID;
- no credit history is requested.
In order not to incur additional costs when using a payment bank card and not to spoil your own financial reputation, it is recommended to observe two rules:
- dispose of money in a non-cash way;
- return debt during the grace period.
Consumer loan
When planning to purchase a home on a mortgage or buy a car on credit, you should first contact the selected bank for a small consumer loan.
If a newcomer does not have to rely on privileged terms, then having adequately coped with financial obligations, he will receive the status of a “bona fide borrower”. Banks encourage executive and honest borrowers:
- special offers;
- preferential terms.
Secured loans
Having no financial reputation in the banking sector, it is possible to count on a loan without refusal by offering the bank as a guarantee of debt repayment – collateral in the form of movable or immovable property. It is important that, having received the required amount, the client continues to use the collateral for the entire duration of the loan agreement.
To preserve property and create an ideal credit history, you must fulfill the only term – to pay off the debt on time, avoiding delinquencies.
It is enough to be an adult citizen of the United States with a minimum income to get a loan that contributes to the creation of a positive credit history.
Good credit history from scratch
You should start creating a credit history when life circumstances are on the rise:
- there was a promotion in the career ladder;
- wages have increased;
- a salary account with a bank has been opened;
- free funds were sent to the deposit.
Do not forget at the first stage, even before the loan application was sent to the bank, to send a request to the credit bureau in order to make sure that there is really no credit history.