I have been an entrepreneur and self employed person my entire life. Was buying precious metals in my teens, purchasing homes in my twenties and by the third decade was doing on-line trading, acquiring land etc. To present times... i own/operate an Incorporated Company for the past 20+ years and I will pass on my experiences to you so you can achieve financial independence for you and your family. Terry Keys
Sunday, March 13, 2011
Onto the next phase of any financial planning, knowing how your credit score works. First its the vehicle that any lending institution uses to check your history to evaluate you, the borrower. Now the higher the score the better rates of interest you ll receive and of course if on the low end of the scale I'm afraid higher payments are for you as your deemed a risk. So you see its important to know how this system works, so here we go; A) First get copies of your credit report and make sure the info is correct, also check for identity fraud B) Pay your bills on time, as missing a payment is bad enough but if over 30 days can do major damage to your score, so set up automatic bill payments from your bank account C) Applying for too many cards/accounts will bring down your score as it makes you look like a risky borrower, even if you pay on time. Plus each credit check from this lenders results in points coming off your total. D) If you debt amount is too close to your credit limits, or even worse when you go over your set amount and are just making minimum payments will reflect on your score E) Inactivity on an account will raise some red flags, so maybe pay your utility bills with your credit cards to keep them active and again set it up for automatic payment before the 21 day window before you incur interest.