How to Build Credit History

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To build up a credit history, get in the habit of paying bills in a timely fashion, as leaving a trail of successful bill paying creates credibility for the future. Keep in good contact with creditors to maintain a healthy credit history with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Credit
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Video Transcript

This is financial advisor, Patrick Munro, talking about how to build credit history. Well, like the name implies history stands for how you paid your bills in the past is a good indicator of how you will pay your bills in the future, so it's important for you to get involved in paying your bills in a timely fashion, and therefore, leaving a trail of success behind you that can be built upon. It's called a credit history. Sometimes, you'll have bumps in the road, and not be able to pay your credit on time, but do your very best to get back on track and speak and communicate with your creditors. They understand that life is not a perfect run. But the worst thing you can do if you do experience credit difficulties is to shut down communication with your creditors. They get very nervous with this, and then, of course they take drastic action; sometimes damaging your credit deeply, or in fact repossessing your security. It could be your house, or your home, or whatever you've put up as security for that particular debt. This is Patrick Munro, talking about how to build a successful credit history.

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