Need to know a few things about credit.?

What all goes against your credit? Like does it hurt your credit if companies keep running your credit? Also does anyone know how to fix not so good credit? Also, what is the best why to build ur credit?

Update:

What all goes against your credit? Like does it hurt your credit if companies keep running your credit? Also does anyone know how to fix not so good credit? Also, what is the best why to build ur credit?

Also can a company run your credit without your permission n if they do keep on is there anything you can do about it?

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  • Anonymous
    1 decade ago
    Favorite Answer

    In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:

    OPEN A BANK ACCOUNT

    Open a bank account and use it responsibly. This is the first step in establishing a financial history.

    CO-SIGN

    One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.

    SECURED CREDIT CARD

    Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.

    DEPARTMENT AND GASOLINE CREDIT CARDS

    Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.

    You can find answer to all of your questions here:

    http://www.howtoestablishgoodcredit.com/Credit_Art...

  • Dave W
    Lv 6
    1 decade ago

    I'm not an expert, but from what I know, the credit reporting agencies track any type of installment loan - mortgages, car payments, credit cards, and probably anything else that you borrow money for (furniture, appliances, etc.)

    As I understand it, companies that check your credit to send you unsolicited "pre-approved" offers do not affect your credit rating, but any inquiries related to requests you make to borrow money (e.g. applying for a credit card, requesting a car loan) do count. As long as the number is reasonable, I don't think it's a problem, but if you sign up for a whole bunch of credit cards, that probably is.

    The way to fix not-so-good credit is to always pay on time and at least the minimum on every loan/credit card you have. I've also heard that being close to your credit limit (and definitely going over it) counts against you, so you probably want to pay down your balances so they're not anywhere close to the limit. If you decide to close some accounts, I've heard that it's better to keep open the ones you've had the longest because apparently you get bonus points for having accounts that are open a long time.

    CNN has some information that might be helpful at http://money.cnn.com/2002/02/15/debt/q_fivethings_...

  • 1 decade ago

    What goes against your credit are the fact that you make your payments late. You max out your credit cards all the time and you only make minimum payments. Also, you do not pay your utility and phone bills on time. These get reported to credit bureaus too. Oh yes, and you spend a lot more that you earn. This can be determined by your card use and even your cell phone use. Big Brother is always watching us.

    If companies are always running your credit as you put it, that is because you are constantly requesting credit or you are not quite credit worthy in your finances.

    To fix bad credit, you can start by cutting up all your credit cards. Start making some serious effort to pay off your debt and get yourself on a budget. If you cannot do so, then see a reputable credit couselor and getting cracking. You will have to give up credit for a long time once you agree to settle your debts for a lower interest rate. It actually is a mild form of bankrupcy.

    You build your credit by having a good employment record. The ability to earn and pay your living expenses within your salary range. You obtain a small credit line to begin with, you use it sensibly. You always make your payments on time an you do not continously max out your credit card and you do not make minimum payments. If you max out and make min. payments, the credit card companies will love you because they will continue to raise your finance charge rate to the max and get away with it.

    Another good thing to do as far as building credit, is to establish a relationship with a bank starting with a checking account and a small savings account. Use your C/A sensibly (do not overdraw). You may be offered a line of credit, and that is a good way to start building a good credit record. Oh yes, you must also never pay your other regular personal bills like electric, telpehone and rent late. All of these good habits will help you to be on your way to building GOOD CREDIT.

  • Anonymous
    1 decade ago

    It does eventually hurt your credit if you have a lot of reports run against it in a short amount of time. I think a few are OK. The best way to fix your credit is to get older. I have great credit now, but I don't need it. When I was younger and could have used good credit I did not have it. Don't make late payments and don't have a lot of open credit cards.

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  • Anonymous
    1 decade ago

    Age has nothing to with nothing, it's all about following the rules and contratc for the credit card company and also goes for loans too

    Pay more than the minimum or better yet pay FULL amount every month, Always on time, no over-limit with your credit...all you really need to do, and keep an eye on changes

    Source(s): I paid off all my credit cards and loans, it's time for me to repair the damage I've done
  • Anonymous
    1 decade ago

    Goes against credit:

    any late payments

    too many open accounts

    accounts with greater than 50% of the available limit in use.

    many inquiries

    many applications for new accounts

    Fix not so good credit by:

    paying all the bills you have on time every time.

    do not apply for / accept more than one credit card.

    Best way to build credit:

    Get older

    live stably in one place

    pay your bills on time every time

    The length of time one has held an account is significant.

    Read the www.FICO.com site it usually has many guidelines for improving one credit rating as well as an interactive program in which you can try out several options and see how they each affect your rating.

    Read Rich Dad Poor Dad the book.

    Read all Suze Orman's books - including the newest one - Women and Money. These books are great, and easy to read!

  • ?
    Lv 6
    1 decade ago

    yes it knocks down your credit score if to many people check it. To fix your credit pay all your bills on time or in advance.If you want to build your credit buy some thing small on credit and pay it off in 2 months, do that a few times.

  • Faye H
    Lv 6
    1 decade ago

    Here's a pretty good website that tells what your credit score looks at. And yes, if you are applying for credit in a lot of places and those places are making inquiries on your credit file, it DOES hurt your score.

    The second website gives you some tips on raising your score.

  • 1 decade ago

    May I suggest that you go to 'daveramsey.com' and get his book;'The Total Money Makeover'. He can tell you all about credit cards,and how to stay out of credit card debt.

    There is a little 16 yr old girl who is very close to my heart. I sent her that book and told her to read it,then I would test her on it; And if she passed, I would take her shopping. The last time I took her shopping,it was hundreds of dollars. And taking her shopping again will be hundreds of dollars more. That's how important that book is to read. Best wishes

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