Building and Keeping Good Credit

If you apply for a charge card, credit card, car loan, personal loan, or mortgage, your credit experience — or lack of it — will be a major factor considered by the creditor. Your credit experience may even affect your ability to get a job or buy life insurance. A good credit rating is a valuable asset that should be nurtured and protected. If you want a good rating, you must use credit with discretion; limit your borrowing to your capacity to repay, and live up to the terms of your contracts. The quality of your credit rating is entirely up to you.

Here's what you need to know to build and maintain an excellent credit record:

• credit bureaus
• your credit file
• avoiding and correcting mistakes
• billing disputes