Building credit is not impossible.
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As we have mentioned in other posts, as far as credit anonymity is concerned, that is when a person does not have any type of credit and therefore, in his credit report appears empty, it is as if he did not exist.
Something uncommon for the times in which we are living, where credit is what allows any person not only to be known in the credit world, but also what opens doors when they want to build a business or get a loan.
In order to build a credit score, your credit report must meet certain requirements. These requirements are slightly different depending on whether the credit scoring model being used is a FICO score.
In other words, to build credit you must open your own lines of credit and keep them current by always making payments on time. This is the basis of a good credit score. However, as mentioned, it can be difficult for many people to start building credit, as lenders generally want to see a good credit score and an established credit history before extending credit.
But nothing is impossible, if you can’t at a certain time, you can later, the important thing is to get started, because if you drag your feet, you can get stuck financially. Once you build credit, you can open your own accounts to continue building your credit score.
The fastest way to build credit, especially for those with limited credit history, is to leverage someone else’s credit by purchasing lines of credit and becoming an authorized user, as tradelines are the important foundation when building credit.
Once you have begun to establish a credit history, you can continue to build credit by opening more tradelines. You can also add tradelines to your credit file that have years of perfect payment history.
Once you’ve started building your credit, don’t forget to maintain it and fix any irregularities or errors that appear.
If you need to fix your credit score, there are a few strategies you can use to repair your credit score yourself, such as disputing errors on your credit report and paying off high credit card balances.
Since payment history makes up the majority of your credit score, the most important thing is to have all of your accounts up to date and make all payments on time and your credit score will improve considerably.
When it comes to increasing your credit score, lasting results will require patience, good financial practices and knowledge of how the credit system works. Always keep in mind to purchase commercial lines, as these are excellent when it comes to building credit.
