Maintain Your Credit and Improve Your Score
It's no secret that having good credit is important to your financial health— and for a variety of reasons. Your credit history plays an important role in determining whether or not you can qualify for a loan, which can affect whether or not you are able to buy a house, a car or even rent an apartment.
Financial advisors agree on this: maintaining good credit is very important in leading a fit financial life. Your score reveals a lot about you—and people tend to make decisions based on that number. Many people do not realize that landlords, employers, and companies check credit scores before making a decision on whether or not they can grant a contract or a job.
A high credit score suggests that you pay your bills on time and indicates whether or not you have ever filed for bankruptcy protection. Companies, landlords, and employers can and do use the information on your credit report as a future indication of your creditworthiness.
What You Can Do To Improve Your Score
Although maintaining good credit can be challenging, the best way to ensure a high score is to spend wisely and stick to your budget. If you are in control of your finances and repay your debts, you can easily build a strong credit history.
If you currently find yourself in debt, the first step is to take charge of the problem and get your finances in order. Start by keeping track of all the money you spend—from a cup of coffee to dinner, to the new TV for your house. No matter how big or small, write it down. Soon you will see patterns—and it will be obvious that some expenditures aren't necessary. Cut those out immediately and develop a realistic budget that you can stick to.
Next, keep track of everything you owe. Monthly statements should be reviewed when they arrive and always check for any possible inconsistencies. Additionally, always remember to report any errors immediately. Pay the creditor on or before the due date, do not skip payments and try to pay more than the minimum or, if possible, pay the whole balance each month. And always stay within your credit limit.
More like this
4 Common Credit Myths You Shouldn’t Believe
Your credit score and your credit report have major implications on your ability to buy a home or land your dream job. Unfortunately, there are some credit myths you may have heard that could be negatively impacting your credit.
4 Easy Ways to Improve Your Credit Score
If you've ever been denied a loan, you know the unpleasant feelings that come along with it. And while some know from the onset that they'll likely be denied a loan due to poor credit, to others, the rejection may come as a complete surprise.
5 Financial Tips for Your Soon-To-Be College Student
If you have a student heading off to college, they’ve probably got visions of freedom and the good times to come, floating around in their head.
6 Advantages of Using Debit Cards
Debit cards are the happy medium between cash and credit cards – you get the convenience of carrying a card without the risk of overspending. If you've never used a debit card before, or are thinking about trying them out, here are our top seven reasons you should give it a try.
Give Yourself the Gift of Better Credit
It doesn't come wrapped in paper and bows. You won't find it in a stocking or under a tree. One of the best gifts you can give yourself this holiday season is the gift of a better credit score!
Is Debt Holding Up Your Mortgage Pre-Approval?
Ready to buy a house? Congratulations! That is a big, exciting step, especially if it's your first home. However, before you can choose the perfect property and start packing your bags, you need to secure a mortgage loan, and there is a lot you need to know about that process.
Is Your Credit Ready for a Mortgage?
If you've recently decided to take the plunge into homeownership, you might be wondering where to start the process, especially if you are a first-time homebuyer. Step one is to ensure you are financially ready to take on a mortgage.
Need to Know Money Basics
April is Financial Literacy Month, and whether you’re just starting out on your own financially, or you could use a refresher of what sound money management practices are, it’s always beneficial to learn or better understand key money concepts to ensure you’re forming or practicing sound financia
Top 5 Credit Card Tips for College Students
Many college students start receiving credit card applications as early as freshman year – and as time goes on and graduation approaches, you might even start to ask yourself, “Should I get one?”
Using Personal Loans for Credit Card Debt
Credit card debt is widespread among the average American household and finding ways to consolidate it usually means tapping into the equity in your home or seeking a personal loan to service the credit card payments.