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Today, it is almost impossible to live without some form of credit. Unfortunately, many people do not understand how credit works, which is a dangerous position to be in. Creditors want to make money like everyone else. They analyze several things to determine your credit worthiness. Most important are your income, length at one address, value of your assets, checking and savings balance, number of years employed, total debt, and whether you pay your bills on time. Typically, the creditor will check this information through one of the three primary reporting agencies, which include TransUnion, Equifax or Experian.

If you have a steady job, the easiest way to apply for credit is through a local department store. However, to secure the lowest interest rates, you should try to secure a card through your bank or credit union. Department stores usually have low standards, making it easy for young people or people without credit to get credit. The key to building a good credit history is by paying the balance on time and ahead of schedule, which are two of the most important aspects.

If you frequently pay late or skip months paying your debt, your credit history will suffer. If you have had a vehicle repossessed, your overall credit score will be lowered substantially. Other hits to your credit history would include liens against property, accounts turned over to collection agencies, write-offs, and past or current bankruptcies.

Because paying your bills on time is the single most important factor in your credit score, you should talk to your creditors if an unusual situation arises that prevents you from paying on time. For example, if you were to become ill, be in a car accident, have a family emergency, or experience a job layoff, contact your creditors immediately. By ignoring the problem, the entire situation will be much worse whereas calling allows you the opportunity to explain your extenuating circumstances. Typically, creditors will work with you to set up an easier payment plan, postpone payments for a few months, moving that money due to the end of the loan, or reduce the current interest rate.

Many people assume that if you have a credit card you should always pay off the balance every month in full. While this is usually fine, in some cases, this will lower your credit score because you are not actually using credit or paying any interest charges. To build a good credit score, choose one card that you will keep an outstanding balance on. Pay regularly, but do not zero out the account each month. Another option is to charge $100 on a credit card and pay a little more than the minimum payment due, which would allow you to pay it off over several months. While you will be paying additional interest on this amount, it is a small fee to pay for establishing good credit.

Another important aspect of credit is that each time you apply for a loan, credit card, car financing, and so on, a report is run through the three main reporting agencies. Many people without credit will apply for a significant number of credit cards believing that they are bettering their chance of getting one. In reality, the chances are reduced since each creditor that runs your report sees a long list of applications for credit, making you appear in financial trouble, needing money desperately. Although this is not the case, this is how it is perceived. Therefore, when you are ready to establish credit for your wedding, choose no more than three o four creditors, as anything more will affect you negatively.

When getting married, your best option is to save as long as you can and pay as much as possible in cash. Secondly, while the Vera Wang wedding gown is every brides dream, search your local city or on the Internet for discount stores where you can find designer and non-designer dresses alike for a fraction of the cost. Third, use the creative skills of you, your family, and friends. Rather than charge thousands of dollars to have flower arrangements made, consider buying silk and/or dried flowers from a hobby store and making your own arrangements. Finally, if you plan to charge items for your wedding, charge only the amount you actually need. In other words, if the photography will cost you $850, do not round it up to $1,000!

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