Are you credit worthy? When is one considered to be one?

When you have a good credit history you are considered to be creditworthy. What then is a good credit history? A good credit history is one where your record shows that you were able to manage repaying loans and mortgages and that all your debts p;\/are paid on time. These kinds of reports are monitored by credit bureaus like Experian, Equifax and TransUnion. p\/

So if there would be a declaration of bankruptcy in your part that would give lenders and credit card companies’ second thoughts of investing on you. But what if you never had a credit record before and would like to apply for a loan or a credit card? You might think that having no credit history will give you a bigger chance of getting approved. The truth is it is could be possible but a little difficult. If you are considering of building your credit history, what then should you do?

First thing you need to do is be patient. Yes, patience is the secret to building your credit score or history effectively. No companies can help you build it but yourself so when you receive mails or calls offering help, better consider it a scam.

With the frustration of some people in having or fixing their credit score, some may tend to take advantage of the situation, so again be very careful.

Since you don’t have any credit score yet where lenders can look on, it is better that you get started building good foundation first.

You may start with your employment record. Lenders and credit card companies tend to trust individual with longer employment record. If they see a lot of periods where there was no income then that could be a red flag. So, as much as possible hold a job longer for lenders to give you a credit.

If employment background is important to lenders, so is a possible borrower’s residency record. The longer you stay in one place even if it is a joint property, the better it is on your part.

Your credit history will determine your approval of a future loan or credit card so consider it as a very important thing. Again, there is no reason to rush for there had never been a short cut to fixing or building it. Just be careful with how you do it so you won’t be wasting time, money and effort.

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