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Answered 2008-05-07 22:08:42

To have a credit history of no late payments on loans, credit cards, etc. , and no bankruptcy, or NSF checks with your checking account. You also need to not have high balances on credit cards, or have too many credit cards with a balance, even if the payments are always made on time. But, it can help to have active credit cards that are never, or rarely used. That shows a 'trust' placed in you by other creditors, and that you have lived up to that 'trust'. You also need to not have very many active loans (loans with a balance due). It also helps to have a history of long term employment with the same employer, and to have lived in the same home for a good period of time, both of which can mean a sign of stability. Also, if you have co-signed for someone else's loan, that can be a mark against your credit, since you are considered responsible for the loan being paid back. The less you owe, the better it is for your credit report. You also want to minimize how many credit checks have been run on you. For example, every time you apply for a credit card, loan, ect., they do a credit check. If you have had very many credit checks in recent past, then that may seem as if you are trying to obtain more credit cards, loans, etc. This is one reason it would be a good idea to stop receiving those 'pre-approved' credit card applications; quite often, they do an unauthorized credit check on you, which adds to the number of credit checks run on you, even though you didn't request or authorize it. To have your name removed from pre-approved credit card companies, you can find the number to call for this on the 'approval' you get in the mail. Doing this can also help prevent identity theft. Another thing that helps is to have a fair amount of money in a savings account, or some other type of account, which shows you are not living 'paycheck to paycheck'. You need to monitor your credit, which you can do by contacting the major credit reporting agencies. You are entitled to a free credit report once a year. You can contact Experian at 1-888-397-3742, Equifax at 1-800-685-1111 or TransUnion at 1-800-888-4213 for your free credit report, which will show any weaknesses or strengths on your credit report, that you can then work on, as well as any suspicious or inaccurate activity on your credit report that you can have corrected.

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