Credit Guide

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Credit Guide

Some of us can and do pay cash for everything we buy, but most of us take advantage of consumer credit to get things we need now and pay for them later. You most likely are currently using at least one type of credit such: a home mortgage or home equity loan, car loan, credit card, or maybe a monthly installment loan for an appliance.
If you're using credit, you obviously know something about it. But do you know: What your credit rights are? What you need to do to insure those rights? Where to get help if you should have a problem related to credit?
This guide is designed to help you get a good start, avoid hazards, and know where to go and what to do if you have problems when using credit.

What is Credit?

Think of credit as a lender's confidence in your ability and intention to pay back the money you're asking to borrow from them. Credit makes it possible for you to purchase things that you could not ordinarily pay for with cash – big ticket items such as cars and houses. Without credit, most people would not be able to afford these things without years of scrimping and saving. Your credit is a valuable asset and needs to be managed carefully. With the Quicken Loans Smart Credit Guide, we offer advice to help improve your credit score. If you've made bad decisions in the past, we can help you improve your score and maintain a good credit rating in the future.

Managing your credit

is more important and more complicated than ever. With good credit, you can get a bigger house, a better car, a lower credit card rate and less-costly insurance. Without it, you'll always have a drag on your finances -- and that means fewer of the things you want. Whether you're applying for first-time credit or are deep in debt, this section is for you.

• Do's and don'ts for establishing credit
• Check your credit reports regularly
• Secured credit card

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