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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.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
uncreditworthy. Also, if you're a trouble maker, that can be noted
on your credit history by the apartment management. They look for
this whenever they run credit checks on prospective tenants at
rental properties. How many banks do you think will lend money to
some loser who always had the cops called on them?
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