Building a solid credit rating from scratch is not as difficult as one might think. The reality is that you can establish a decent Credit Score in as little as 3 months and have a solid rating around the 12 month mark. From that point, if you maintain proper borrowing habits, you can have an impeccable rating for the rest of your life.
The key is to have a basic understanding of what actions affect your rating and to follow a basic strategy design to keep you within the limitations of those influences. If you are starting from scratch, never having had credit, here is an easy to follow step by step guide to establishing your credit. As well as suggestions on avoiding a few pitfalls along the way which could hurt, instead of helping if you fall into them.
Step 1) Check Your Report
While it may seem ironic, even if you know for a fact that you have never had credit before, checking your history is the first step. Your report contains more than just credit accounts on it and may have inaccuracies pertaining to other areas. I had a $500 phone bill attached to my report of which I had nothing to do with. In fact, it was tried to a business I worked...
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