29 juillet 2013 ~ 0 Commentaire



Building credit is like building a house: if constructed with care it can provide a lifetime of security, but one broken beam and the walls can come crashing in. Many people treat their credit as they would their home: with respect. They take the time to clean it up, make sure it is in good repair, and use it for its intended purpose.

However, others treat their credit like a vacation party rental; they indulge in cash advances for fun but unnecessary purposes, forget to clean up after themselves by neglecting their bills, or take a relaxed approach to impending balances, opting to delay payment until the vacation has ended. While the latter might enjoy the rental thoroughly, they are left with no foundation to rest upon when the bill comes due.

Indeed, building one’s credit is like building a home; it is an arduous, but necessary labor that requires discipline, planning, and patience.

Constructing one’s credit is a long process that demands an exacting eye instead of an excessive one. If you have too much of credit, your score goes down, leaving you with large bills and little support. However, in order to take advantage of the services that credit makes possible, such as home loans, you must have some credit; if you don’t have enough of it, your score never rises, making it nearly impossible to build a secure financial foundation. To take advantage of most financial services in this day and age credit is a prerequisite.

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