The Time Frame For Building Credit-9

The one ingredient in the credit calculation that I can’t help you with is your length of credit history. Credit building takes time. The good news is, if it isn’t getting worse, it’s definitely getting better. Every month that goes by where:
1) you pay your bills on time, every time, and
2) you don’t do anything to make your credit worse, results in
better credit.

If you have no credit, expect it to take one to two years for you to develop enough credit to qualify for a major purchase.

Once your credit repair activities have removed all the impactful negative information from your credit reports, and the situation or bad habits that caused the credit crisis are under control, you will find that the credit building process is identical to the process for those with no credit.

In either case, you will start to grow and improve your credit. You will ensure that temporary hardships are planned for through proper budgeting. Your credit scores will gradually increase over time.
Improving your credit worthiness will help in other areas too. Not only will you get more credit at better rates from lenders, but also better employment opportunities and lower insurance rates.

All of the strategies you encounter in this blog apply for you individually and for your business. Building credit involves the application of the same principles, whether you have new or old credit, good or poor, business or personal. These strategies work for everyone and every business.

Once you’ve grown your credit, my final articles will tell you how to parlay your good credit into millions, making money all throughout the process. As a credit millionaire, you know it’s easier to borrow $10-million than it is to earn it on your job or save it. And when you borrow
those funds to buy assets that both pay for themselves and appreciate, you’ve discovered the secret solution to the world’s wealth.
Next time i'll discuss about Why using your own cash is also credit!