Tips to Maintaining Good Credit

You’ve been hearing the jingling sounds of the keys to your new car or home that you were perhaps able to acquire through a loan or some form of credit. Congrats! But that’s just part of the leg work. The most crucial thing now is keeping your credit in check and properly balanced. We now bring you your guide to achieving your financial goals while staying out the red and out of debt.

Not Trick- Just Tips.

Stay on top of things.

Make it your responsibility to keep track of how often you’ve been swiping your debit and credit cards or stopping by the ATM. Setting up your online banking account is also a good way to monitor your spending activities and check on anything that may appear inconsistent.

Pay up!

Always pay what is owed and what was initially promised. Some people make the minimum payments on the due dates, and then there are others who pay a little extra. Either way…just don’t skip any of your loan payments.

To be early is to be on time.

Making timely payments are great ways to maintain good credit. Paying on time also shows your credit provider that you are indeed trustworthy, and perhaps this means that they’ll always be open to facilitating your other financial objectives.   

Don’t hang your hat where your hand can’t reach.

Never exceed your credit limit, not with your loans or your credit cards. Always be conscious of what your income is, what your credit limit is, how much you must spend and what your outstanding balance looks like each month.

When’s your due date?

Remember to always pay attention to the exact dates on which your credit payments are due. This will help you avoid late fees, spiking interests and putting yourself in bad debt. Maybe you can start by making a list of when all your loans and bills are due.

Automate it, if your memory won’t retain it.

A convenient way to make your payments consistent and timely is by setting up automatic payment plans. Moving the money from your income account directly to your loan payments makes things a little simpler and reduces the chances of you forgetting your payment deadline.

Update your contact info.

So, your name is John, but for some reason a particular financial institution keeps messaging your newly acquired phone number with the same line– “James, your loan payment is overdue”. Don’t be James. Update your contact details, including phone number and address, with any financial institution from which you have obtained a loan or any form of credit.

The jingling sounds of the keys to your new car or home sounds much more soothing when you’re in good financial standings right? Having good credit is an essential component of what it truly means to be financially well, and so aiming for that is a clear indication of our desires to achieve this form of wellness. There’s no need to re-enact a popular ‘Pound of Flesh’ piece, or whatever consequences that might equate to in a post-Shakespeare era. Besides, our tips are no tricks. So, while you work towards that goal of financial freedom and health, these pointers will surely keep you out the red and out of debt.

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