Credit/Debt, Financial Planning, Saving Money

Save Money by Knowing Your Credit Score

 

Sally Says..Sally says……………

It’s that time of year where you are considering giving your credit cards a real beating. Now would be a good moment to review your credit score and focus on limiting the damage you are going to inflict during this holiday season.

FICO- The fair Isaac Corporation is the most widely known credit score system.

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Credit/Debt, Financial Planning, Saving Money

How to Save Money with your Credit Report

Your Credit Report: What It Is and How to Fix It Fast

So a friend at the dog park (a pushy pit bull from Hyde Park)  recently asked me the secret to getting rich.

That’s a big question and rich can mean a lot of different things to different dogs/people. However, it made me think of the book Titan , about John D. Rockefeller, and how he journaled every penny earned and spent. You need to know exactly where you money is going and where the leaks are.

How-save-money

Here’s the perfect place to start. You can get your Credit Report for free by going online to the website the three companies (Equifax, Experian & TransUnion) jointly sponsor at www.annualcreditreport.com.

This is the only way to get a truly free report.

Why do you need to check your Credit Report?

The Report is made up of info from merchants, utilites, banks, court records, and creditors. Your Report and Scores are used by lenders in connection with a wide variety of credit products including:

  • Credit Cards
  • Auto Loans
  • Mortgages
  • Home Equity Lines & Loans
  • Personal Loans & Lines of Credit
  • Student Loans

FOR EXAMPLE: HOW YOUR CREDIT SCORE (determined by your report) AFFECTS YOUR MORTGAGE

(based on a $300,000, 30-year fixed-rate mortgage)

Score –Interest Rate -Monthly Payment

760-850- 4.650% –$1,547 – This is a High Score

620-639 –6.239% –$1,845 This is a Low Score

Thats a $3,576 difference annually!!!! ( that’s a lot of bones). You want the optimal rate you can get so start with your Credit Report.

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Credit/Debt, Financial Planning, Saving Money

Budgeting Wisdom For The Ages

spending-saving-budget-finances

Credit/Debt, Financial Planning, Saving Money

Too Many Credit Cards?

Sally Says..
Sally Says..

How many credit cards should you have?

Zero (debt) is the best answer, but they are often an evil necessity (kind of like a leash)

So my  Dog-Grandmother broke out her purse the other day and it seemed there was a card for every day of the month! If I only had a treat for every card she owned.

They say variety is the spice of life but geez…. I get the same brand of dog food every day!

I spotted at least 4 cards with fees $50 or more a year. So fees are an obvious concern, as well as the issue of managing that many cards and the potential problem of building up debt on a lot of cards.

So take a look through your purse/wallet and see if there are some you haven’t used in years or possibly duplicate themselves. However, before cancelling any cards, consider your Utilization Rate ( see example below)

credit-card-debt-savings

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