We monitor a lot of numbers in our daily lives. We’re thrilled when our blood sugar and cholesterol are low, and we cringe when our bank accounts and credit scores fall. The following tips will help you balance your financial accounts and credit scores, so you can keep these numbers right where they should be.
Check your credit reports monthly. This is important as not all creditors will report your information to each of the credit bureaus. Thus, you should check your TransUnion, Experian and Equifax reports via a service such as Credit Karma. Credit Karma is a free service that makes monitoring your three credit reports and credit score very easy to do. Keep an eye on these reports to ensure balances are being reported correctly and that payments are being credited appropriately. As always, if you do discover incorrect information, dispute it until it’s corrected.
Avoid taking out new debt or opening new charge accounts. Instead, you should focus on knocking your account balances down one by one. As you get each balance down to zero, avoid the temptation to use that charge account again. Don’t close things like store cards or credit cards as the low balances you’ll maintain on these accounts will help boost your credit score.
Make things simple. Many creditors will allow you to adjust payment dates. You should work with them to arrange the dates so they coincide with your payday(s). Ideally, you’ll want to structure these so you can pay your bills at the same time without worrying about being late or forgetting a payment.
Develop a budget and stick to it. This will help you break free of your debts and develop healthy financial habits that can reduce the possibility of falling back into the debt trap. Your budget should cover payments to your creditors, necessary monthly expenses such as housing and utilities, savings and of course, a little extra money to keep you motivated.
The most important thing to remember when repairing your credit score is that it takes time and patience to accomplish. We invite you to contact Superior Debt Relief with your questions and to learn the ways we can help you stay the course of living debt-free.
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