Tag Archive for: debt

Credit Usage Habits Matter

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Credit Usage Habits Matter

Surprise, surprise: credit cards play a major role in your credit score. In fact, 30% of your FICO score involves your credit usage habits.

That’s why it’s so important to understand how to use credit cards. Unfortunately, you don’t always think about the consequences of your credit usage habits. You might fall into the habit of charging more than you should, applying for too many credit cards at once, and/or paying your bills later.

If any of this rings true to you, and you’re trying to figure out how to break your bad habits, we want to help. Visit smartwithdebt.com to learn more!

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Prime or Subprime?

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Prime or Subprime? Which category do you fall into based on your credit score?

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Younger Doesn’t Always Equal Better

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The world is your oyster, especially when you’re young.

In your 20s, you might embark on an exciting career, or fall in love and start a family, or hop on a plane and travel the globe. Why not? This is the time to explore, adventure, and launch yourself into adulthood.

Anything is possible.

Well, not anything.

Unfortunately.

When you’re young, you have thin credit. This means:

  • You haven’t had enough time to build up your credit history.
  • You make rookie mistakes—like paying bills late—that hurt your score. A lot.
  • Your credit mix, well, stinks. Compared to someone in their 60s, you likely haven’t owned multiple houses, cars, credit cards, insurance plans, etc.
  • You’re prone to dropping into the FDIC’s subprime market. One out of three people fall into this category with a credit score of 650 or less.

Being young is great—except when it comes to credit. But, it’s okay. The past is the past. Now it’s time to look to the future, improve your score, and own the home you’ve always dreamed of. Learn more at smartwithdebt.com.

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Collector Tips: Written Agreements

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Before you run off to pay collection companies and creditors to boost your credit score, remember this important tip:

Have written agreements in place! It’s unfortunate, but a lot of these companies and individuals do not have your best interest at heart. So, play it safe and put everything in writing.

To learn more credit strategies, and how you can get a mortgage when the bank says no, go to smartwithdebt.com.

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