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Some of the steps an individual can take to build and maintain good credit history:

  1. Keep Number of Credit Cards to minimum. Consumer is getting bombarded with credit card applications in the mail every day. US consumers on average  have 14 credit cards  Applying for too many credit cards, even if you plan to pay all of them off every month, can have an adverse affect your credit history. If you have too many credit cards, it might be worth it to reduce the number or consolidate them into credit cards  with no annual fee low or no limited time interest and can process rewards cards too. 

  2. Budget Every Month. A good credit practice is to budget every months and see what cash inflows and out flows are. This gives an individual a visual realization of where he/she stands and help in deciding what and where to spend the money on.

  3. Differentiate between absolute necessity and things you'd like to have.  Don't over extend yourself. Buy what you can afford and charge what you can afford to pay back every month. In extreme circumstances of need, try to borrow from family and friend's, home equity loans, personal loans. Only when you have exhausted all other sources, must you consider credit cards. In that case, look for credit cards with favorable terms such as no annual fee credit cards with low interest rates, credit cards with low low teaser interest rates offers for new customers etc. 

  4. Use Credit Cards intelligently. you must know full well the risks you run by relying on plastic. For one thing, recognize that some cards' "teaser rates" (introductory interest rates that can be as low as 0%) inevitably spike, often to stratospheric levels. Moreover, read your card's fine print: While low interest rates apply to conventional purchases, some cards have exorbitant rates for cash advances. So, be careful how you use the card, as it may ultimately cost more than you think.

  5. If need be, put things on hold. If past credit problems simply seem insurmountable either you can't get the money you need or what's being offered is at an ugly interest rate give some thought to put your expenses on hold for the time being. That may give you some breathing space to right your finances and, eventually, start things up under much brighter circumstances.

  6. Keep your personal and business finances separate. If you have a business as well,  protect yourself by keeping your business finances wholly separate from your personal money matters. That means separate credit cards, separate bankcard merchant accounts and as impervious a wall separating the two as you can possibly build. There are websites that offer different credit cards to help meet your personal and business needs.

  7. If Run into credit problems solve it immediately: If unfortunately past credit problems and poor credit practices are catching up with you, resolve it immediately without any delay. Bad credit history can affect every single aspect of your life must be aggressively dealt with. Click here for help with credit repair.





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