How Do I Manage My Credit?

Manage My Credit May be you Must know

When it comes to wise money management, managing credit should come naturally. However, according to a Credit.com survey, fully 50% of people with a credit report have never read it or had not followed up with it for over a year.

A credit report is considered one of the essentials of financial literacy. In order to be a responsible consumer of credit, you need to know where your money goes.

Having a credit report helps the consumer understand where you fit into the credit system. Being unaware of your credit report may give you surprises. Lacking this information, you may be denied when you apply for credit or be asked to pay at a higher interest to cover the bank’s risk.

Furthermore, by dutifully and constantly checking your credit report, you can spot credit discrepancies and catch identity theft more quickly.

How Do I Manage My Credit?

Here are 5 ways you can easily manage your credit:

Tip 1: Spend only a small fraction of your available credit

Banks are a fussy and fidgety bunch. So the more of their credit you are using, the more attention some of your creditors are giving you. Keep your spend below 10% of your available credit. Normally, spends above 35% waves a red flag in the bank.

If you habitually or often find yourself maxing out your card, better find a way to fix it as soon as possible. The longer and often you stay near your credit limit, your score is much lower.

Tip 2: Frequently use online banking tools and reports to monitor your account

A consumer that constantly checks his credit statement is rarely surprised. Identity thieves thrive on lazy people who couldn’t be bothered to read their statement and check their spending line by line. Probably because it’s too painful to read all the non-necessities you bought at a high interest rate!

If you’re getting too close to the credit limit on any credit card account or too close to zero in your bank account, how about opening a bank account where you absolutely do not touch the money. Call it your financial freedom fund, if you will.

To make it work, make sure you put in 10% of your salary in that new account first before anything else. Then if you can’t stand it, spend the rest. But it would be wise advice you start planning on paying off all your debts first.

Tip 3: Open and carefully read your credit card email statements

Make it a discipline. Make sure you open every email you receive about your credit card and read it, especially and most importantly, the fine print.

It’s in the law that when a bank or credit card company changes or charges your account, they must tell you in advance. It’s up to you to be aware of those changes because it can cost you if you claim ignorance about them.

Tip 4: Treat your credit portfolio like an investment portfolio

Treat your credit limit like an investment portfolio. If your credit risk is good, the less interest you have to pay to cover the perceived risk the banks are taking to trust you with their money.

Tip 5: Remember that credit affects and impacts every aspect of your life

Getting credit is a two-edged sword. Mismanage it and it will turn you into a pauper. Use it well ans it will enhance your quality of life. In the modern world, credit is all around. You need it to buy a house or car, apply for student loans or book a hotel. In one way or another, all of these things are impacted by credit. Furthermore, your insurance rates are impacted by your credit report.

With better credit, you pay less for a variety of premiums. Insurance, loans, etc. The higher your credit score, the more you considered a trustworthy credit consumer.

3 Tips for Setting Up a Plan to Manage Your Credit Card Debt

Manage Your Business Credit Score As Capably As the Rest of Your Business

If you run a small business there are 1000 things to take care of everyday. While you focus on generating income, keeping expenses down, managing your employees, and getting that marketing plan in shape, thinking about your business credit rating may get pushed to the back burner.

Ignoring your business’ credit score could turn out to be a fatal mistake. You work hard to maintain a good image to your customers. You should be just as concerned about how your credit report looks to potential lenders and business partners because that is what they are going to look at first. The public does not have access to your personal credit score unless you give somebody permission to see it by applying for a loan or other form of credit. Your business credit score is a different story, however. There may be a potential business partner out there right now, or even a potential buyer for your business, looking at your business credit report and score and making a decision about what they will do next based on what they see.

Setting Up a Plan to Manage Your Credit Card Debt

You can learn how to manage your commercial credit and integrate that activity into your daily routine. Here are some tips to get you started.

1. You must know what is in your business credit report at all times. You must also understand how to read it. Your report will be used by others to make important decisions about your company, like how much money a lender would loan you, how much credit suppliers will extend to you and what interest rates they may charge.

2. Make sure that the business information in your credit report is accurate and up-to-date. Inaccurate and outdated information may create exactly the wrong impression about your business. And it does not have to.

3. Sign up for a monitoring program that alerts you when a change has been made to your credit report. Unexpected changes could mean a fraudulent use of your business credit information. Alerts also include notifications on inquiries gained and new trade lines. You can also protect your business from nonpaying customers, partners and suppliers by checking their business credit report before you do business with them.

4. Separate your personal and business credit lines. When you started out in business personal guarantees and using your personal credit were unavoidable but as you grow larger you can establish purely business credit lines. If you are big enough to do that now then that should be priority number one. This separation can work both ways. If the business runs into trouble you do not want it adversely affecting your personal credit score, and vice versa, you do not want personal credit issues affecting the ability of your business to buy inventory and supplies on good credit terms.

5. Your business credit report is part of the image and reputation of your business. You will help your business grow by taking an active role in managing your credit report and score. Ask your lenders, suppliers, and creditors if they are reporting your good payment history to the credit bureaus. You should also get points for doing things right.

How To Manage Your Credit Cards

How To Manage Your Credit Cards

We live in a world that seems to be collapsing around us economically, and many individuals have found themselves in financial trouble. In some cases, that trouble is going to be relatively light, and it may be just a matter of not being able to pay a credit card bill here and there. In other cases, however, the problems may be quite severe, and you might find that you are facing the decision as to whether you should file for bankruptcy. When you find yourself in this situation, there are several different options that are available, but one important thing for you to do is to get the help with debt that is necessary to turn things around.

In some cases, you are going to be able to take care of the matter on your own and to make adjustments that will help to restore your credit to where it needs to be. In other cases, however, it is quite complex, and you may need the help of a professional to learn how to restore credit properly. It is important to note, there are many companies out there that will offer to do this for you, but not all of them are going to provide the exact services that you need. Make sure that you choose a company that is going to provide you with a personalized assistance so that you can make changes to your credit as quickly as possible.

Perhaps one of the first things that they are going to discuss with you is the need to pay your bills on a regular basis. This can be difficult, especially if you are struggling to make it from one day to the next. It is an important step, however, and if you are able to do so for just a few months, you can actually see your credit numbers increase rapidly. You may even be able to get in a situation where you can consolidate some of your bills into a lower interest payment so that you can afford those bills a lot easier.

It is also important for you to understand the need to keep your debt below a certain percentage. If you have a lot of open credit cards, and those credit cards have a running balance, that could really be hurting your credit score. It is always suggested that you keep your credit to debt ratio below 50%, as anything higher is going to give you a mark on your credit. If possible, transfer some of the debt to a new credit card that has a low interest rate or perhaps a 0% interest rate for transferred funds.

Finally, consider the possibility of getting rid of some of your credit cards if they are not being used. This is especially true of department store credit cards that can really have an impact on your credit score. You can then begin to chip away at the other cards and to reduce your payments so that you can afford to actually pay your bills and have a little left over.

10 Simple Steps to Manage Your Credit

By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. It is the most available out of any financial product out there. In fact more than 80% of the U.S. households have at least one credit card. If you want to consider yourself as the “Average” American then you have about 8 credit cards burning a hole in your wallet right now. To make sure that you don’t get yourself in any trouble (again) try and follow these 10 Simple Steps for Credit Management.

10 Simple Steps to Manage Your Credit

1. Ignore the bank’s/lender’s rule on what is an “acceptable” level of debt. Your debt-to-income ratio, as they like to call it, is how much debt you can carry to the amount of money you bring make. Depending on how well you have managed your credit in the past it can fluctuate quite a bit. The average is about 25%. The ideal number is of course ZERO but for starters work on getting it down to 10-15%.

2. Remember what a credit card is…A Credit Card. Just because they have waved their magic wand and sent you your “Pre-Approved” Card doesn’t mean go out and use it. The bank does not know your situation or your lifestyle all they look at is the number that you should be able to pay off using most of your “extra” money. They will keep you paying them for the rest of your life if you let them.
Which brings me to the next point…

3. Don’t pay just the minimum balances, unless of course you like paying 400% or more in interest. A typical Credit Card debt of $4,500 would take you about 44 YEARS to pay off! And you would end up paying about $17,000 total by the time you are done. When you stop and think about it, does that sound like a good deal to you?

4. Play the Game- Remember that you are the customer and “the customer” is always right. When it come to annual fees and higher interest rates ask for a lower rate. And if you slipped up and got a late fee ask to get it waived (make sure you promise never to do it again…well at least for six month) Remember that it is a lot more cost effective for them to keep a customer happy than it is for them to go get another one. Your $29-$35 late fee does not come close to the money they will have to spend to get a new one of you.

5. While you are playing the game don’t get blindsided by the fees. The banks have come up with some very creative ways to make money at your expense. They have the ones that everyone knows like over the limit fee, late fee, and extra card fee. However, they also have the less obvious fees like account transfer fee, and a fee for talking to a live person instead of a recording. Make sure you look at your statement and check out all the charges. Some of them may surprise you.

6. Know how you stack up- BILLIONS AND BILLIONS of dollars are charged annually to consumer on mark ups in interest rates. That’s a lot of money when you look at your share. Your credit information is something you should look at and make sure it is accurate. About 25% of all credit reports have erroneous information contained in them. Make sure your information is accurate and keep an eye on it regularly.

7. Know you limits- When you know you will have a hard time paying even the minimum balance STOP charging. It may sound simple but for millions of Americans it is very hard to do. Of course the easy way Hind sight 20/20 don’t get in the situation.

8. If you are one of those people that are disciplined enough to pay off your balance at the end of the month then make sure you are getting some bonus for being such a great user. Get the free stuff that you can use. Some extra Flying miles, free gifts, Cash back reward (my favorite). If you are going to use it might as well get something for your efforts.

9. Only have what you need- You Should have 2 cards, one for what you use regularly and pay off every month and the other for emergencies or business. When you start trying to take advantage of all the deals out there the only one who gets taken advantage of are you. Overkill on your credit cards are not necessary, but being really good at managing a couple of cards is.

10. The statistics are in and they are mind boggling. Bankruptcies are at record numbers and the consumer debt for the U.S. is over 1.7 Trillion dollars! Teach your kids now to not make the mistakes that you did. Financial Literacy is a must for the next generation as we are heading into a cashless society. It’s harder to manage what you cannot see. Make sure they understand that the credit card is what pays for food on the table and gas in the car as well as the play station games they love.

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