In today’s modern world, it’s very difficult to live a normal life without borrowing some money. You may borrow money to buy a car, or you may even buy a house. Or perhaps the only time you borrow money is when you use your credit card. One thing that makes it much easier to borrow is having good credit.

One thing that is certain, is that having good credit makes all loans virtually guaranteed. If you have good credit, lenders will do anything to lend you money. On the other hand, if your credit isn’t so hot, it can feel as if lenders wouldn’t touch you with a ten foot pole. This doesn’t seem fair, but it’s true.

The most important thing to keeping a decent credit score is to always pay your bills on time. Even electric bills and phone bills must be paid on time. If anybody reports you to the credit bureau as paying late, then this can haunt you for quite a while. So make sure to always pay on time, no matter what.

Another important factor is to never take on too much debt. If your debt to income ratio is above thirty percent , this can signal trouble to any lenders. This means if you take on any more debt, you may have trouble paying it off.

If you want to figure out your debt to income ratio, it’s really easy. Take all the money you pay for all your debt, including credit cards, and add them up. Then take this number, and divide it by the amount of money you make in a month, before taxes or anything is taken out. This is your debt to income ratio. If it’s below .33, then you are in really good shape.

Your credit card balances also play an important part in your ability to borrow money. If you have a balance on your credit cards that is over fifty percent of your available balance, then that’s considered financially unhealthy. So if you have a five hundred dollar limit, try and keep your balance at less then two hundred and fifty bucks.

By following these simple tips, you should easily keep your credit score nice and high. And you’ll have no problem borrowing money.

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