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Building Good Credit Through Responsible Use

By Matheson Penkovsky

Credit is something that we all need at some point in our lives. Having a good financial history affords us a lifestyle that would otherwise not be attainable if we depended completely on cash to make purchases. To build an excellent rating takes time and diligence but it is possible if we are responsible with our debts.

Try establishing accounts with smaller retail chains such as department stores and gas station cards. These accounts are fairly easy to obtain and will help you to begin establishing credit and report your payment history to the major bureaus. If you have had loans and cards in the past and have had difficulties and negative items on your report you may want to begin to rebuild with a secured credit card. You can usually apply for both types of accounts online and get instant approval.

Problem credit can be a drawback to making purchases that you may need but do not have the funding for all at once. Getting your finances under control is your primary focus. Paying back what you owe is the key to re-establishing yourself and getting future lenders to loan you money. If they see you are making good on past mistakes they may be willing to extend you credit and help you to start over. There are lenders for both good and bad ratings and each one is there to help you establish yourself.

The major credit bureaus report your progress from all your lenders in your credit report. You have the right to know what is contained in your report and you can get a copy of them every year through the government approved website that will allow you access to your three reports free of cost. You can find them by doing an online search of free annual credit report or other such terms. You may want to monitor your financial history to make sure that everything is being reported accurately. Mistakes can happen and this affects your history and your future ability to obtain accounts.

Do not overextend yourself or get more credit than you can pay for. Only obtain as much as you need and try not to go over your allowed limit on your cards. This can have an adverse effect and make you appear to be irresponsible with accounts.

Make sure that you use your accounts only for emergency purchases and not for every day use. Having credit means you only use it if you need it. Many times people get into debt because they use their credit unwisely by making frivolous purchases on their cards that they eventually cannot pay for in full.

Make sure you use resources that teach you about responsible use of credit. Many courses online are free from financial institutions and have information regarding credit and how to calculate interest and other educational materials. Getting educated about the use of your finances can help you to form good spending habits long into the future.

By doing these simple things, you can begin to build your credit and have an excellent score which lenders will see and view you as a good risk. This can go a long way beyond making purchases. Some types of employment also check your financial history to see how responsible you are with finances and some even make a determination on whether to hire you to work for them from your rating. Be wise with credit and doors will open up for you that may have once been closed.

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Article Citation
MLA Style Citation:
Penkovsky, Matheson "Building Good Credit Through Responsible Use." Building Good Credit Through Responsible Use. 7 Jul. 2010. 17 Jul 2014 <>.

APA Style Citation:
Penkovsky, M (2010, July 7). Building Good Credit Through Responsible Use. Retrieved July 17, 2014, from

Chicago Style Citation:
Penkovsky, Matheson "Building Good Credit Through Responsible Use"

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