Good Credit History Will Lead to Being Qualified for a Loan/Mortgage
There are many ways in maintaining a good credit history. There are two major steps which many people already have or can accomplish. The first step is to have a steady work history (Titan Mortgage Group, 2015). This usually means working around two years with a maximum of one employer (Titan Mortgage Group, 2015). The second most basic step which I have repeated many times is paying your bills on time since it is the key to success in anything involving credit or debt.
When it comes to bank accounts, opening a chequing account and not bouncing cheques will be beneficial, while opening a savings account and making regular deposits will help save money on the other hand (Investopedia, 2016).
Another way to boost up credit history is if you can handle one card, it would be to your advantage if you could apply for a department store credit card also known as the retail charged card. Making regular monthly payments on the retail charged cards will show how well you’re handling your bills on time when another card is added to your account. The goal to accomplish a good credit history is to pay everything on time, so you are known to be trustworthy and responsible. Therefore, the purpose for applying credit cards is not only for the convenience, and the use for emergencies but to impress your bank on how well you are dealing with your bills. As convincing your bank on how well you are paying debt back will lead to trust on larger credit in the future such as loans and mortgages. Although having a credit card can be risky, it helps build confidence as well as responsibility to your advantage.
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