Second step to building killer credit, is to get an apartment or some type of rental in your name. It is very important that all utilities are in your name as well. Don’t put utilities in girlfriends name, cousin, uncle, or anyone that is not you. In some cases with a clean 12 month history on utilities, you can use this as alternate lines of credit for loans.Top 5 Ways To Build Killer Credit

The fourth way is to buy a house; at this point you should have a minimum of 12 months rental, with no less than 2 years work history. As long as you make the income to buy a house and have all the attributes just mentioned, you can buy a house without a problem. A house is a great way to build credit, it will show responsibility, and the creditors like to see you owning versus renting. Also it is easier to get a loan for a home, than to have a credit card awarded to you.Top 5 Ways To Build Killer Credit

The third way is to get secure credit cards. Secure cards are a quick way to get credit reporting on your Credit Report to all 3 Bureaus. After a while, the creditor will grant you credit, and soon you will get all kinds of Credit Card offers in the mail. Remember as I discussed in my “How your Credit Score could cost you millions” article, I stated not to charge your Credit Cards over 30% of granted credit. If you do, that will drop your Credit Score. So you have to be very careful when getting credit extending to you, not to over charge on your cards.

The fifth way is to always pay all your bills on time, and never be late. If you are late, then you have defeated the entire purpose of building killer credit. 35% of your Credit Scoring process on your Credit Report is your payment history. There is a time factor involved here with the Credit Scoring process, which is 15% of the overall Scoring process. With all of this in place in due time, you will establish great Killer Credit. I would highly recommend pulling a copy of your Credit Report at www.my720fico.com, to see where you stand currently.

I remember when I was around 19 yrs old; I could not buy a car or get any kind of credit granted on my behalf. I was never told what it took to establish good credit. I know this is a common problem out there, because as a mortgage lender I deal with it on a regular basis. I wish someone had told me when I was young, what it took to establish Credit, and keep that Credit in good standing. Fortunately that is water under the bridge. I figured with my professional knowledge and first time experience, my hopes would be those of you that are just starting out, or just parents needing advice I could pass the ” Top 5 ways to Build Killer Credit” on to you at the right time.

Since you have no Credit, and need to establish good credit, the first step would be to go get a checking account if you don’t already have one. I believe a lot of people overlook this very small detail. There are many out there with no checking or saving accounts. Checking accounts show creditors what is going on with your money on paper. Make sure in your checking account you are managing your money properly, for instance no insufficient fund fees. This is a sign you are spending more than you have in your account. Creditors look at this especially when purchasing a home.

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