How to build a good credit history
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
How to build a good credit history
Building a good credit history is an important step towards financial stability and independence. A good credit history can make it easier to obtain loans, credit cards, and even rental housing. There are several steps you can take to build a good credit history.
Get a credit card: One of the easiest ways to build a credit history is by getting a credit card. When you use a credit card and make payments on time, it can help build your credit history and improve your credit score. It’s important to choose a credit card that is suited to your needs and to use it responsibly. This means paying the balance in full each month, and not using more than 30% of your credit limit.
Make payments on time: A critical component of building a good credit history is making payments on time. Late payments can have a negative impact on your credit score. To avoid late payments, set up automatic payments, reminders, or calendar alerts to ensure you make payments on time.
Keep your credit utilization low: Credit utilization is the ratio of your credit card balances to your credit limits. A high credit utilization can lower your credit score, so it’s important to keep your credit utilization low. Ideally, you should aim to use no more than 30% of your credit limit at any given time.
Keep old credit accounts open: Length of credit history is a factor that is considered when determining your credit score. Keeping old credit accounts open can help increase the length of your credit history and improve your credit score.
Monitor your credit report: It’s important to monitor your credit report to ensure that there are no errors or fraudulent activity. You are entitled to one free credit report per year from each of the three major credit reporting agencies: Equifax, Experian, and TransUnion. Reviewing your credit report can help you identify any errors or fraudulent activity and take steps to correct them.
Be mindful of applying for credit: Each time you apply for credit, it creates a hard inquiry on your credit report, which can have a negative impact on your credit score. Try to limit the number of credit applications you make and only apply for credit when you truly need it.
Diversify your credit: Diversifying your credit can help improve your credit score. This means having a mix of different types of credit, such as a credit card, a personal loan, or a car loan.
Seek professional help: If you are having trouble building your credit history, consider seeking professional help. A financial advisor or credit counselor can help you create a plan to improve your credit score.
In conclusion, building a good credit history is an important step towards financial stability and independence. There are several steps you can take to build a good credit history, such as getting a credit card, making payments on time, keeping your credit utilization low, keeping old credit accounts open, monitoring your credit report, being mindful of applying for credit, diversifying your credit, and seeking professional help. By following these steps and using credit responsibly, you can improve your credit score and achieve your financial goals.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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How to build a good credit history
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