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How Can I Build And Maintain A Good Credit History?

Your proven ability to manage your money and meet your financial obligations is the basis of your credit score. The best way to build a solid credit score is to make a habit of always paying your bills on time in full each month. Your goal should be to build a long history of reliable bill paying behavior.

Another way to build a good credit score is to have no more than 3 or 4 credit cards and to hold them for a long period of time. Keep balances low and use no more than 30 percent your available credit. This, of course, means resisting the temptation to accept pre-approved card offers in the mail or retail credit cards even though there may be a discount available for opening a new account.

To maintain your good credit history, check your credit report every year. Look for errors and correct them as soon as possible. By law, you are entitled to one free credit report from each of the three reporting agencies once a year. Go to www.myfico.com for more information.

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies—Equifax, Experian, and TransUnion—to provide you with a free copy of your credit report, at your request, once every 12 months. For more information, go to the Federal Trade Commission’s Web site on credit.

Free annual credit reports can be ordered from AnnualCreditReport.com.

If you live in Beaverton, Portland, or throughout Oregon, or Washington contact us at Fox Insurance Agency. As an independent agency, we can provide quotes for auto insurance, homeowners insurance, and other insurance products from several highly regarded, nationally known insurers. Call today. We are always ready to discuss your insurance, and would be happy to help you find a policy that suits your needs. You may even save enough on your insurance premiums for your honeymoon! Contact Fox Insurance today 503-277-2300.

The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied. Content provided by Insurance Information Institute.