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Get overdraft protection, insurance on your credit cards, or other services to keep your credit in good shape |
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Written by Administrator
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Saturday, 11 September 2010 06:22 |
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Talk to your bank and lenders about services they offer to keep you safe. Overdraft protection, for example, is a basic service that often costs nothing or very little extra but which protects you in case you withdraw too much money from your bank account.
With overdraft protection, you do not get a "ding" on your credit report or a charge for insufficient funds. In most cases, you get a day or two to add more money to the account to cover the gap. Some credit cards and other loans offer a similar service or offer insurance which protects you in case you lose your job and are unable to pay for a few months.
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Prepare for financial emergencies |
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Written by Administrator
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Saturday, 11 September 2010 06:19 |
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Few of us think about what would happen if we lost our jobs or suddenly became too ill to work. The thought is simply too terrible to contemplate in many cases, especially if we are living paycheck to paycheck with a job as it is.
The fact is, though, that financial emergencies happen to almost everyone at some point and they can have devastating impact in your credit. In fact, most people who declare bankruptcy do so because of a huge financial disaster such as sudden unemployment, huge medical bills, a lawsuit, or divorce. Despite this, few people plan for these problems, even though they can happen to anyone. |
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Read more...
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Written by Administrator
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Saturday, 11 September 2010 06:17 |
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While you are repairing your credit, you will want to channel as much money as you can into savings and debt repayment. For this, having a second income or even just a few hundred dollars a month more can mean that you get your credit into shape faster.
Having a secondary form of income can also keep your credit safe - if you lose your job, you can use the money you make from a secondary source to repay your bills until you find another form of employment.
There are many ways to get more income: |
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Written by Administrator
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Saturday, 11 September 2010 06:15 |
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Whether it is buying a car, a home, or creating an investment portfolio, having assets can help improve your credit score by allowing you take out secured credit, or credit in which your assets are used as collateral.
When you take out secured credit (such as a mortgage) you enjoy lower interest rates and easier approval. As you repay your secured debt, your credit score will improve. Even better, lenders do look at the types of credit you have. If you have a mix of secured and unsecured credit, you will enjoy better risk rating scores as it will indicate that you have the means to repay your debts. |
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Take out one pleasure and save it up |
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Written by Administrator
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Saturday, 11 September 2010 06:12 |
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-Do you have cable?
-Do you subscribe to lots of magazines?
-Do you build your DVD collection so fast that you can't even watch all the movies you collect?
We all entertain ourselves with money, but most of us have at least one or two entertainments that we have either outgrown or don't enjoy as much as we once did. Cutting that expense out and investing the savings can put us well on our way to saving for retirement or paying off our bills. If you give up your cable television, for example, you can pay off your credit cards that much faster, improving your credit score.
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