How to Build Good Credit
Having good credit is extremely important. Here are some practical tips to help build and maintain the best credit record that you can.
Apply for Credit
To begin building credit, apply for a secured credit card. Many major banks offer secured credit cards. Usually the bank will require that you pay a deposit equal to the card’s limit. Using the card then helps you build credit. You could also apply for a samll loan from a local bank or credit union.
Open Checking and Savings Accounts
Lenders see bank accounts as signs of financial stability and consistent savings behavior.
Get a Copy of Your Credit Report
Most lenders base their lending decisions on creditworthiness. Obtaining and reviewing a copy of your credit report can help you understand how you measure up to lenders’ standards.
Correct Any Errors or Omissions on Your Credit Report
Some credit reports include errors or out-of-date information. If you find errors on your credit report, contact the credit reporting agencies or the creditor directly to ask for a review.
Make Timely Payments
Making timely payments is one of the best ways to establish yourself as a good credit risk to future lenders.
Use Your Credit Wisely
Once you have credit, use it wisely. Charge small amounts to each card, and don’t max out your credit cards.
Credit Reporting Agencies
Trans Union: 800-888-4213
If you have a dispute concerning the accuracy or integrity of information that Orbit Leasing, Inc. reports to the credit reporting agencies about your account, please submit your dispute to, Orbit Leasing, Inc. P.O. Box 9534 Wyoming, MI 49509. You must include the following information with your dispute:
- Your name, address, telephone number, and account number;
- The specific information that you are disputing and an explanation of the basis for the dispute; and
- All supporting documentation (i.e. a copy of the relevant portion of the consumer report that contains the allegedly inaccurate information, a fraud or identity theft affidavit, account statements, records of payments made to Orbit Leasing, etc.).