Thread: building credit
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Old 03-20-2007, 05:03 AM  
CaroMark
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Join Date: Sep 2002
Location: Tampa, Florida
Posts: 1,357
Showing a stream of consistent payments will help to increase your credit score. If you are looking to improve your credit you might also take out a short term loan with your bank and then pay it back over a few month's time.

Keep in mind that lenders make money if you owe them a balance so if you pay off your credit purchases you are not a rewarding a customer as someone who maintains a balance. Making a stream of consistent payments demonstrates stability.

In addition lenders when evaluating a new customer don't want to extend limits way above previous balances, so keep extending the size of your credit based purchases to help increase the amount of credit available to you.

Finally make sure to keep your home and auto finance payment on time, since lenders are aware that if you make your house payment late, you will probably pay on your pants even later.
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