Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington

The top local business stories in your email

Contact Us:

Josh O'Connor
Phone: 425-339-3007

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049

Jim Davis
Phone: 425-339-3097

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Resources for building credit from ground up

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Reid Kanaley
The Philadelphia Inquirer
Building credit for the first time in your life or rebuilding credit after a personal financial disaster is a tough assignment. But with some pointers from experts, and dedication to personal discipline, it can be done.
First, see where you stand at the moment with the credit-rating agencies, says Dave Roos at HowStuffWorks, who cites one report that said 50 million American adults have no credit history at all. Roos' list of credit-building steps seems aimed at those 50 million, presumably young or poor individuals, but the lessons are for everyone. Build credit by opening accounts and paying your bills on time. His last two steps sound simple, but just try them: Get a good job; and don't mess up.
There's just one sure site for getting the free credit reports that Equifax, Experian, and TransUnion are required to provide to you once a year -- though only if you ask. That site is Note that you won't be getting free credit "scores," just the reports. The agencies can, and will, charge you to see your scores. ">
A list of "myths" about building credit, by Bankrate's Janna Herron, reveals some odd things about credit. For example, she says, it's better to have an open credit account in good standing -- meaning you're making timely payments -- than to have no outstanding loans. "A closed account only shows good payment behavior in the past and becomes less and less predictive," Herron writes. Also, since your recent behavior is more important than older information on your credit report, you can have a good credit score even with an old default or bankruptcy on your record, one expert tells Herron.
Establishing credit for the first time seems to carry a catch-22: You need credit to get credit. This article at has some suggestions that clear a path for first-time credit-building. The key step is to open checking and savings accounts at a local bank. That bank then should be your first stop for a credit card or loan.



Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup