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Boost Your Credit Score!

Boost Your Credit Score!

Credit Score Under 700? Try Following The Steps Below:

  1. Get Errors Fixed.  Mistakes on your credit report are not common, but they can happen.  If you see an error call the creditor immediately and dispute the charge.  If the claim is dropped, you will see the change in your report.  It may take a few months, but is worth the reward of a better score.
  2. Paying with cash is a great way to keep from overspending, but without any credit history you may be denied a future loan.  A credit card will give you a credit line you can use to prove you are responsible, by making your payments on time.  Follow this tip: Spend just up to a small portion of your total credit limit: For example, if your limit is $5000 spend no more than $1250 each month.  Keep this balance paid down.  A low spending ratio (25%) has a huge influence toward determining your credit score.  Actually, your credit card usage ratio accounts for 30% of your credit score.
  3. Make Full Payments on time each month.  If you are already behind, attack the debt on ONE card at a time by paying extra on that card, while still making the required monthly payments on the other cards.  Keep your current cards, use only small amounts STEP AWAY from saying yes to new credit cards.  Be patient, you won’t see your score change overnight but you will see rewarding results in time with a much better credit scores.

Financially Fit 2018!

Track your spending to see where your money goes.  Then build your budget based on your usual expenses.  Look for ways to cut back cable, internet, cell phone, shopping sales and cutting rates on credit cards.

WRITE IT DOWN: Purchase a notebook, a journal or use an excel spreadsheet and write down your normal monthly bills.  Set this money aside for bills, gas, groceries only.  Whatever is left….decide on a percentage to put in a separate account to save.  Use an amount you can live with and leave it alone.

You’ll be amazed how quickly it will grow.

SET GOALS: Using the figure you plan to save set goals for your savings to grow, it can be very satisfying to see that money grow.

EMERGENCY FUND:  As soon as possible set aside an emergency fund,  just a small amount to keep you from having to dip into your account that is set aside for your savings goal.

MENTALLY FIT:  Once you have a financial plan, make a separate journal to write down things you need to do, want to do and things you have accomplished.  Making a list and marking off the items that you have finished gives you a sense of accomplishment.  If you write them down you may also be less likely to go to bed with your mind full of what you need to do.  Writing it  down will  help put it out of your mind and help you get a good nights sleep.

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