New Year, New Credit: Set a Resolution to Get Your Credit Back on Track
It’s that time of year again when we all start considering how to improve and develop ourselves for a better life. Many people think about hitting the gym or cutting back on the sugar, but how about getting your credit on track?
Being in bad financial shape can take a toll on everything in your life – from personal relationships to physical and mental health. Check out these three New Year’s resolutions you should have for your credit:
Pay Down Debt
Paying down debt should be your #1 way to financial freedom. Now, you might be thinking … Shouldn’t I avoid getting credit if I wanna pay down debt? The answer is no and let me explain.
Credit is hugely helpful for making large purchases you may not be able to do otherwise. Real estate property, a car and starting a business are all perfect examples of items you’ll want to grab a low-interest loan for, buuut …
Never allow your debt to go unmanaged, or you’ll never build true wealth. Aim to pay your credit card balances in full each month and have a long-term repayment strategy to pay down larger loans.
Pay Your Credit Cards on Time … Always!
Avoid missing your credit card payments. Creditors hate stuff like that, and so should you. Paying late will prompt them to report it to one of the three credit bureaus, and it can lower your credit score.
If you’re juggling things financially or you’re living on a variable self-employment income, you might be unsure about how much you want to pay each month. This overthinking can spiral you into procrastination or payment amnesia.
Happily, there’s an easy way to pay your cards without much effort. Set up small monthly automatic payments for the minimum amount due and you’ll be in the clear no matter what.
Then, sometime during the month, make another payment manually for the actual amount you’d like to pay. You’ll never miss a payment with this method, and you’ll avoid those pesky late charges too.
Monitor Your Credit Report
Have you ever let months or even years slip by before you sneak a peek at your credit report? If so, nip that bad habit in the bud right now! Monitoring your credit is the one low-cost action you can do that will likely improve your credit over time.
Once you make a habit out of monitoring your credit, you can get a better overall picture of your credit health, dispute any wrong reporting for a higher score and get motivated on building a solid financial future.
Make 2020 your best year. Pay down debt, make on-time payments and monitor your credit report for financial success. Want some help reaching next year’s goals? Having a partner like Flyy Credit on your side will help you build good credit and allow you to take control of your financial future. Go here to find out more by scheduling a FREE consultation with our experts.
Wonderful suggestions for the New Year, thank you Jeri!