Monday, 10 February 2014

Building my credit score in 6months

One of my New Years Resolutions was to build my credit score and to develop myself financially to the point where I am regarded as an asset rather than a high risk or liability.We live in a day and age where consumerism and material things are the standard for measuring wealth or comfort.It is no surprise that social platforms such as Instagram and Facebook have become a constant reminder of the affluent lifestyles people are living which does not entirely reflect their truth;a truth that apparently reflects the truth of many;living on credit and borrowing.
I am not condemning credit buying as it is one of the main ways of consuming and living especially in the western part of the world.The issue however is when wants and needs come into play in which case credit cards become curses instead of blessings or gracious gifts to help.

Now, a credit card makes it easy to get a loan,mortgage and even car purchases if it it high which in the Uk is aroun 700 plus so,I have decided therefore to build my credit within 6months since January 2014.It seems feasible as long as I continue to spend the way I spend and make payments the way I make payments on my phone bills,store catalogues etc

At the moment,my credit file stands at this and I use Experien to monitor my credit score.

I am in my mid twenties and still live in my parents house-the story of many 20+ year olds every part of the world.
I have just got my first credit card through Vanquis
My credit score is 313 at the moment because of my attitude with paying bills ON TIME instead of a week after.



How to get good credit 
*Pay bills on the day they are coming out;make sure there is money in that particular bank account
*Pay credit card bills before the end of the month on the date agreed
* Avoid late payments which can create bank charges or overdraft fees which increases everyday if not corrected.

Buy needs instead of wants.

In this vein,I am training myself to learn to pay bills on time and monitor my credit profile. I will update you along the course of the month/s.

Let me know if anyone decides to do this.
Thanks 




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