Thinking about obtaining or improving your credit

 

Managing your credit is an important part of your financial present and future financial success. I’ve put together some tips that you’ll find useful. Have a look.

Get the Facts – Collect all your bank, loan and credit information and go over the records carefully. Write down the monthly payment, debt amount, interest rate and term of each debt on a sheet of paper. Write down your total monthly income and list your estimated monthly expenses.

Do the math – Calculate your monthly budget and find a way to reduce your expenses so that you are saving 10% of your income each month. Apply these savings toward paying off your debts.

Be punctual – Pay all your bills on time. Late payments, collections, and bankruptcies have the greatest negative effect on your credit score.

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