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Keys to Building & Rebuilding Credit By Janice Parker

Janice ParkerThe process of building and rebuilding credit is about more than just taking on loans and getting credit cards. It’s true that the best way to build credit is to borrow and repay on time, but there are other things to consider. First, make sure that your credit history is free of any errors. Then monitor your credit reports regularly. The US Government requires the credit bureaus to provide a free credit report to you annually, and you should take advantage of that.

If you use any kind of credit card, be sure not to spend anywhere near the limit on the card. Even if you pay the card off in full each month, it’s possible that the card company will take a “snapshot” of your balance and report it to the credit bureaus when you have a high balance. Try to stay below 30% of your limit (for example, if your limit is $200, don’t spend more than $60 without paying off the balance).

You can improve your credit report if you know what it contains. Although you can’t rewrite history, the passing of time will remove negative credit information from your report. Weak credit scores don’t necessarily mean you won’t obtain credit. You can get rid of bad credit habits, restore your positive credit history, improve your credit scores and use credit to your advantage.

If you are looking to build or rebuild your credit, Heartland Bank in partnership with Navicore Solutions offers a Small Dollar Loan Program. The program can assist you in building or repairing your personal credit. The loans range between $500 and $1500. Loan approval is not based on your credit score. Completion of an education class is a requirement to be considered for this program. Classes are provided by Navicore Solutions. To sign up for the next available class, you may contact Navicore Solution @ 1-877-611-1007 or visit any Heartland Bank & Trust branch location.