Building and maintaining a good credit history contributes to the probability of obtaining bond approval. Below are guidelines to assist you with establishing a good credit history.
Using credit responsibly plays a vital role in building and maintaining a good credit history.
Paying your credit balance in full will show that you are capable of paying bills.
Ensuring your full balance is paid on time improves your credit history.
However carrying a credit balance isn't necessarily a negative thing if you ensure to pay more than the minimum each month as this aids to paying off the balance of your account as quickly as possible.
According to major credit bureaus, it takes between three to six months of regular credit activity before a credit score can be calculated.
In addition, the longer you have credit the more beneficial it is for your credit history. This is because a longer history shows lenders that you are experienced with credit and enables them to accurately determine the level of risk they would take when lending you money.
By continuing to ensure responsible spending and repayment you will build a strong credit history