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My Credit, My Rules
Don't have credit and don't know where to start? Have credit but need to improve it? Have great credit but want better terms? mycreditmyrules.com has the information you need.
Empowering Your Financial Journey
Our mission is to provide essential resources for individuals seeking answers to their credit questions.<br/>From understanding how to build credit from scratch,<br/>to finding repair strategies for those with poor credit,<br/>and assisting those with good credit to secure better mortgage terms,<br/>we offer a comprehensive directory of educational tools and expert advice.
Credit Building Strategies
Learn effective methods to establish and improve your credit score. We share insights on responsible borrowing and credit management.
One of the biggest stumbling blocks for getting good credit is not knowing how to establish credit...not anymore.
Gone are the days of applying at multiple creditors, gas stations and department stores and holding your breath. There are certain creditors that garantee approval. This is how you start and then build from there. Great credit is built and we will show you how. Below are the top three types of credit builders you can start with.
Secured Credit Cards
A secured credit card is a financial tool designed to help individuals build credit. It requires a refundable security deposit, which acts as collateral and typically determines the credit limit. The card functions like a regular credit card—allowing purchases, payments, and responsible usage. Issuers report payment activity to major credit bureaus, helping establish a positive credit history. By making on-time payments and maintaining low balances, users can improve their credit scores over time. Some secured cards offer opportunities to upgrade to unsecured cards after demonstrating responsible financial behavior, making them a great stepping stone for better credit.
Unsecured Credit Cards
An entry-level unsecured credit card is a basic credit card that does not require a security deposit, making it accessible to individuals with limited or fair credit. These cards often have lower credit limits and higher interest rates but provide an opportunity to build credit. By making on-time payments and keeping balances low, users can gradually improve their credit scores. Typically, it takes three to six months of responsible usage to see a credit score and great credit scores (700+) may take one to two years. Over time, users may qualify for higher credit limits and better cards.
Credit Hopping or Authorized User
Being added as an authorized user or co-borrower on someone’s established credit card can help build credit quickly. As an authorized user, the card’s history—including on-time payments and credit age—can be reported to your credit file, boosting your score without liability for payments. As a co-borrower, you share full responsibility for the account, helping establish independent credit history. If the primary cardholder has a long, positive credit history, your score can be established within 30 to 60 days. This strategy is ideal for those with little or no credit history, as it accelerates credit-building without needing their own account.
Credit Repair Guidance
Access valuable information on repairing bad credit. Understand the steps needed to improve your credit history.
How to improve or Repair your Credit
Think of credit as a number floating in the air. Bad credit is like tying anchors to that number, good credit is like tying balloons to it. To raise your credit score you simply need to cut the cords to the anchors and tie on a few more balloons.
Pay off Collections
A credit collection account severely impacts your credit score by signaling missed payments and financial risk to lenders. It can stay on your credit report for up to seven years, lowering your score and making it harder to get loans or credit. To remove it, first verify the debt for accuracy. If incorrect, dispute it with the credit bureaus. If valid, negotiate a pay-for-delete agreement with the creditor or settle the debt for less. Once paid, request a goodwill deletion from the creditor. Regularly monitoring your credit and making on-time payments will help recover your score over time.
Stay Under your Credit Limit
Exceeding your credit limit significantly harms your credit score by increasing your credit utilization ratio, a key factor in credit scoring. High utilization (over 30% of your limit) signals financial risk, lowering your score. Maxing out or surpassing your limit can also lead to fees, declined transactions, and penalty APRs. To fix this, pay down balances quickly, request a credit limit increase, and keep utilization low to maintain a strong credit profile.
Never..Ever Miss a Payment
Missing payments on credit accounts has a serious negative impact on your credit score. Payment history makes up 35% of your score, so even one late payment (30+ days past due) can cause a significant drop. Accounts reported as delinquent can stay on your credit report for up to seven years, making it harder to qualify for loans, credit cards, or favorable interest rates. Repeated missed payments can lead to collections, charge-offs, and legal action. To recover, catch up on payments, set up automatic payments, and contact creditors for possible hardship options to prevent further credit damage.
Raise your Credit Limit
Increasing your credit limit can boost your credit score by lowering your credit utilization ratio, a key scoring factor. Utilization should stay below 30% for a strong score. For example, if your limit increases from $1,000 to $2,000, carrying a $500 balance drops utilization from 50% to 25%, improving your score. To qualify, request an increase from your creditor, maintain on-time payments, and demonstrate responsible usage to maximize the benefits.
You Have Great Credit? Then you Deserve Great Terms
Having Great Credit means all Creditors want to Lend to you, take advantage of That.
Here are a few examples of what excellent credit can do for you.
01
Take advantage of offers for your business to knock out debt faster
Credit Card Balance Transfers
A credit card balance transfer allows you to move high-interest debt to a new card with a lower or 0% introductory APR, helping you pay off debt faster. By reducing interest, more of your payment goes toward the principal balance, accelerating debt reduction. Choose a card with a long 0% APR period and low fees. Pay at least the minimum due on time to avoid penalties. Aim to pay off the transferred balance before the introductory period ends to avoid higher interest. This strategy works best when paired with budgeting and avoiding new debt while repaying the balance.
02
Get the best mortgage for you
How excellent Credit gets you all the mortgage options
Mortgage companies only give their best deals to borrowers who have the best credit scores. This goes for second mortgages and HELOC's too, you have to have much better credit to get a second mortgage than a first mortgage. There are some mortgage options that will allow you to consolidate consumer debt and save a fortune in interest.
03
High credit scores aren't just for home buyers
Having a High Credit Score isn't Just for Homebuyers...it Saves You on Rent
A high credit score helps you secure better rental terms by proving financial responsibility to landlords. Many landlords check credit reports, and a strong score (typically 700+) can lead to lower security deposits, reduced fees, and even negotiable rent rates. It also increases approval chances for competitive properties. With a high score, you demonstrate on-time payment history and low financial risk, making landlords more willing to offer favorable lease terms and rental conditions.
Mortgage Options Explained
Dive into a detailed directory of mortgage options available in the market. Find the best offers tailored to your credit profile.
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