Building credit is a vital aspect of financial health. If you have bad or no credit, there are many things you can do to improve your financial standing.
1. Never pay late
If you miss a payment on a loan or credit card, it will show up on your credit report and lower your score. Avoid this problem by always making payments on time. It may help you to set up online bill pay or automatic payments. Additionally, use a planner or calendar to stay organized and keep track of due dates.
2. Ask for extensions
Everyone gets into financial binds from time to time. If you know that you won’t be able to pay a bill on time, contact the company proactively to discuss an extension or payment plan. If you have been a reliable customer for an extended period, many companies will try to work with you. Do whatever you can to avoid having a late payment recorded in your credit history.
3. Take out a loan
One option for building credit is to take out a small personal loan and repay it over a short time. Borrowing about $1,000.00 and paying it back over the cours...
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