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Consumers can establish credit by 'taking it slow'

Aug 29, 2012 Walt Wojciechowski

Consumers can establish credit by 'taking it slow'
Consumer credit data can make or break whether an individual can gain approval for a personal or business loan, among other items.
 However, according to a recent article in The Los Angeles Times, building a good credit history can be harder than it used to be. Fortunately, there are a number of things individuals can do to help them boost their credit histories. For one, individuals should begin slowly. They shouldn't begin by applying for large amounts of credit, as it can make them appear desperate to creditors. Additionally, for individuals who have been denied credit in the past, soliciting a parent or relative to co-sign can enable them to gain access to financing. There is also one important number for credit-seeking individuals to seek: three. "You'll need at least three lines of credit, or else your file will be considered too thin for the all-important credit score to evaluate," the National Foundation for Credit Counseling told The L.A. Times. While consumers tend to focus on how their credit scores can affect their finances, it can also be a factor in their employment, especially as more businesses are using consumer credit checks as part of the application process.