We entered autumn this week, one of the nicest times of the year. You can feel it in the 70's temperatures and see it in the trickling start of falling leaves. Autumn weekends are
What Small Steps You Can Take to Fix Your Credit
Dated: December 1 2023
Views: 48
What small steps you can take to fix your credit are available to many of you. For others, economic circumstances are so tough that it may be impossible. However, nothing in life remains forever. Those things you can't do now hopefully you will in the future.
Lets start with credit cards and other credit accounts:
1. Don't charge what you can't pay off
2. Never ever close an account.
3. Keep using your credit card wisely
4. Don't exceed 30% of what a credit card will allow you
On #1 - Right now there is more credit debt than ever before. I'm no economist but it seems obvious that people are living on their credit cards. With the cost of everything going up 20% over the past 2-3 years, this should be no surprise. BUT keeping debt going is financial suicide.
You'll never get it paid off with those 28-29% interest rates on your credit card. This is a real pain in the neck but effective - write down what you spend every day for 1 month. I'll bet that you'll see some places where you can save money. Credit card debt buries you.
I know, it's Xmas and Hanukkah followed by Kwanzaa. A very tough if not impossible time of year to cut down on expenses. Make up lists. Then shop online and adjust if you have to. Years ago I had to a lot of adjusting. I know it's not fun but neither is being buried in credit card debt.
On #2 - Let's say you've paid off a credit card. Never ever close thre account. Closing a credit account hurts your credit. The credit bureaus who give you your FICO score look at it as if the account was closed on you essentially.
On #3 - Here's a trick. Buy things you would anyway with a zero balance credit card and pay it off ASAP. This shows that you're using credit and paying your bills on time. Use it monthly for the gas station, supermarket, dry cleaner. You're not spending more, you're just playing the credit game to your advantage.
On #4 - Keep your debt on all credit accounts to no more than 30%. Instead of paying off 1 card, pay off every one enough to get to no more than 30%. This is a positive that helps you AS LONG AS the total isn't more than it should be compared to your income.
Above all of this, pay your bills on time. For those of you who can't pay down your debt, make sure you pay your bills on time. Try your best as soon as you can to pay down the principal you owe. Even if it's only $5 per month, that's better than nothing. In the future, you'll do better.
Again, I hope this series on credit is helping. Let me know with your comments on whether it is and send me any questions etc by making a comment.
Barbara Weismann
I’ve always worked hard because I know success isn’t easy. Success matters because success means I’ve achieved your goals. You need more than a door opener. You need an agent who und....
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