|
Did you know you're making history? Every time you pay a bill on time — or don't pay it on time — you're building your credit history. Take into account some of the things a good credit rating can "buy:"
- The ability to purchase big ticket items, like a home, boat or new car
- A potential source of funds in times of emergencies or short periods of unemployment
- A means to finance unexpected expenses, such as a new roof or car repairs
- Peace of mind
How can you achieve or maintain a good credit history? Here are a few suggestions:
Tip #1
Create a budget so you know exactly where all of your money is going. Keep daily records of everything you spend for a month and decide where you can cut.
Tip #2
Start a savings account and commit to funding it regularly. One reason people run into credit problems is that they don't have cash on hand for everyday purchases.
Tip #3
Consider transferring the balances from multiple credit cards to one new, low-interest credit card.
Tip #4
If you own a home, consider taking out a home equity loan to pay off the balances on your credit cards. The interest usually is tax-deductible. Consult your tax advisor regarding interest deductions.
Tip #5
Balance your checkbook regularly to prevent checks from bouncing. Too many bounced checks can have a negative impact on your credit report. You can help prevent overdrafts with U.S. Bank Overdraft Protection.
Tip #6
To avoid late fees from creditors, make it a point to pay your bills on time. U.S. Bank Internet Bill Pay ensures your bills are paid on time, every month — automatically.
For more credit-building tips, contact U.S. Bank for help.
Credit Tools
Create your plan for financial success with these helpful tools:
Calculate how much I can save each month
Determine how I can pay off my outstanding debt
Estimate what it will take to pay off my credit card balances
Determine the best way to consolidate my debts
|
