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Pasos Sencillos Para Fortalecer Su Historial De Crédito

Simple Steps To Build Your Credit History

By Warren Morrow

The credit scoring system in the United States is one that is very detailed and upon which many industries have complete reliance. This system is dominated by three bureaus that have been able to identify the majority of consumers in the country and to collect extensive and detailed information about the behavior of consumers related to their management of payments and debts. Based on a consumer's behavior throughout his life, his credit score lowers to a minimum of 300 points and increases to a maximum of 900 points.

In the United States system, this score is, without a doubt, the absolute proof of your responsibility and the integrity of your character. In this day and age, a low credit score will mean that you will likely face difficulties in finding employment, in obtaining favorable rates on financial services and insurance, or even in opening accounts. Forget about obtaining a loan!

On the other hand, a high score will present you greater professional employment opportunities with more pay. Not only will you qualify for attractive financial services and products, you will find that often doors will open up to you that are only available to consumers with good credit. You will have more credit options and the amount you can borrow will be greater as long as you continue to handle payments and debts responsibly. And you will pay less on interest rates for beneficial services.

The credit score and the way in which it is calculated varies among the TransUnion, Equifax, and Experian bureaus, but here are some fundamental pieces of advice:

Pay on Time

Falling behind on payments for services or on loan payments can be most damaging on your credit. Try to pay before the deadline each month to ensure that the payment arrives on time. Of course, if the purchase of an item or the subscription to some service could result in you falling behind on payments and in an inability to satisfy your credit responsibilities, don't make them.

That is why it is so important to formulate a home budget. You should always make your credit payments a priority and you should set some money aside to cover your payments during emergency situations.

If for some reason you fall behind on payments, call your creditor or service provider immediately. Coordinate a payment plan and follow it. Also, find out if your late payment has been reported to the credit bureaus. Usually consumers in arrears are reported to a credit collection agency and if this happens to you, be responsive and try to resolve the late payment immediately. At this stage, you are dangerously close to losing points on your credit score.

Credit unions can help you in many ways. For example, somebody could provide a financial assessment or help you with your budget. In addition, you can opt for direct deposit of your salary into your credit union account and schedule automatic payment of your bills. Also, many credit unions seek to help their members and can offer a loan just to help you through a rough time and to make sure that your payments remain on schedule.

Take on Debt Responsibly

It's counterintuitive that taking on debt would be seen as responsible, right? However, in this system, that's how it is. There is no way of increasing your credit score if you haven't demonstrated the responsible use of credit. Whether it's an account at a cell phone company, medical services, the water bill, a credit card from a store, or an auto loan, most accounts that you open are reported to the credit bureaus.

And this can be a very positive thing for you if you handle the trust extended to you responsibly. Ask for a small loan and pay it on time - not too early and not too late. Obtain a credit card with a low limit, use it responsibly with the goal of improving your credit score, and pay the full balance each month. Open service accounts such as energy or water accounts in your name and make sure these are paid on time. If it's necessary to close an account, make sure that the balance has been paid in full and request proof that the account has been closed.

To improve your credit score, it is important to demonstrate the responsible management of debt, but also to demonstrate that you are not in debt to an excessive extent, so don't ask for more credit than what you really anticipate needing.

Protect your Identity

In the Hispanic community and other communities with a high proportion of immigrants, there tend to be cases in which a person's identity is used to obtain something another person needs. Some of these cases are a product of the unique challenges that undocumented people face, while other instances are the result of total abuse of someone's identity. If you are fortunate enough to have established a legal identity in the United States, guard your credit information. Access your credit reports annually with each bureau. Don't lend your social security number to anybody - not even a family member. Doing so can cause irreparable damage to the whole family.

If you are not fortunate enough to be able to establish a legal identity in this country, you can still establish a credit history. You will have to do it under your Individual Taxpayer Identification Number (ITIN). You can request this number at a local immigrant support agency. Then you can explore whether nearby credit unions allow the use of the ITIN to open an account as a member and to obtain a loan that can help you establish and grow your credit score.

Your credit score can really open doors, so take action to improve your financial opportunities together with your credit union.

 

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