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6 HABITS TO BUILD GREAT CREDIT
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- Keeping a great credit score is the best way to save money on your mortgage, car loan, credit cards, and other interest rates, but it takes responsible financial choices to achieve that.
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- The first step to building a great credit score is setting correct habits with your finances. Document what you spend every month, eliminate the waste, and then set a monthly budget and stick to it. I suggest putting money in savings automatically from your paycheck if possible in case something happens in the future.
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- Your credit utilization is calculated by how much debt you keep on your credit cards compared to your total available credit. People usually think that keeping your balances at 30% of the credit limit is the way to go. But people who have a 785 credit score or higher, typically have a balance of 1% to 7%.
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⏰ - Always pay by your accounts on-time but if you want to take your good payment habits to the next level, pay your accounts prior to the report date and not the due date. Each creditor has a different report date as to when they send their information to the credit bureaus. Just call the credit card company to ask for that date. This way, if you pay before the report date, whatever balance you have on that date is what gets sent to the credit bureaus.
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⌛️ - Most consumers with great credit scores have, on average, an oldest account that’s 19 years old. Be choosy about what credit you apply for and when you get it, keep it open for as long as possible, and don’t close down your oldest account unless you absolutely have to.
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️ - You’d be surprised how many people neglect to obtain and review a copy of their credit reports. 20% of consumers have an error on at least one of their three credit reports. Those mistakes will cost you dearly. If you don’t know exactly what’s hurting you and what needs improvement, then you will be stuck.
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. Check with your creditors to see if you qualify for a higher credit limits. By keeping the same low balance with a higher credit limit, look much better and can improve your credit score a lot.
In January @irod_bjj_life contacted us to inquire about our services. He was curious about what we could offer to support his financial goals. One month later, he is completely atonished with his results!
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Let’s hit RESET or maybe it’s the START button for you. Not only do we assist with repairing credit, we also can assist with BUILDING first time credit when you have none. Establishing credit takes time so let’s start slow and always remember to pay your bills on time. Don’t worry we’ve got you . Contact @changingfacesmrs to find out more about our coupled credit deals and business +credit packages available.
HOLIDAY SPENDING CHECKLIST
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There is such a thing as being too generous, especially during the holidays. In 2017, Americans budgeted, on average, $935.58 for presents. That can be a tough bill to face in the new year. Here are some holiday spending tips to help get you through the season with your wallet intact.
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- Value Your Relationships. Write down everyone you plan to give gifts to; from your nearest and dearest to your in-laws and the mail carrier. Then put a dollar figure next to each name. Setting price limits helps you keep your holiday budget on track. If you don't have the money, don't go crazy buying people gifts that you haven't seen in years.
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- Price check with your phone. Despite your best intentions, perfect gifts have a way of blowing your holiday budget. If you find a gift that’s over your budget, use your phone to see if you can find a better price elsewhere. Many stores have price-match policies if you find a better deal.
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⏰ - Don't procrastinate. One of the surest ways to overspend is to wait until the last minute and buy all your gifts in a rush. Not only are you more likely to overspend, but it also makes an already stressful time of the year even more so.
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- Buy last year’s electronics. For many people, the latest and greatest features aren’t important. You’re likely to save big by gifting an older version of a device that was the latest and greatest just a few months ago.
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- Stay on top of your spending. Spend wisely by reviewing your account statements, paying your bills regularly and using online banking to easily monitor your accounts. If you purchase using a credit card, using a card that offers cash back or other rewards is another smart holiday budgeting tip.
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- Consider making gifts. Homemade presents are great ways to save money while creating something memorable. These gifts might not work for everyone on your list, but they’re good options for some. Consider photos for grandparents or cookies for your kids’ teachers.
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- Try to avoid shopping sprees. Retailers are really good at enticing people to buy. Everything from display placement to lighting and music is designed to trigger impulse purchases.
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