Top 5 Tips for Mastering Yo’ Credit
Ever feel like UGH I am never going to figure this debt thing out?
Or how can I maximize the good credit I already do have?
I get it.
As a financial advisor for over a decade I have seen it all... and I am here to breath a sigh of relief into you and tell you...
First, you are not alone.
According to the US Debt Clock (Source: http://usdebtclock.org/), the personal debt per citizen in the US is $56,322 (mortgage, student loan, and credit cards)
But my mission is to make sure you do not become a statistic.
Here are my top 5 EASY Tips for Mastering Yo’ Credit that I shared at the Create & Cultivate Event I hosted with Chase last week in New York City.
Here a few shots from the trip too....
Tip #1: Follow the 50-30-20 Standard of a Financially Wise Woman.
That’s right girl. Have a high standard of how you live by following this breakdown... Allocate 50% of what you earn (net income after taxes) to living expenses, 30% to nonessentials (like dining out or shopping) and the remaining 20% to savings. It’s like the primer to your credit foundation. It’s what helps it be long lasting.
Tip #2: Create a “Money Date” for Yourself.
Romance is powerful, right? So why not get to know yourself and your finances intimately each week? Just like a date... be interested. Check in on your spending by scheduling a time to review or adjust your budget, plan out upcoming expenses and track your progress toward your goals. (Side benefit.. I’ve heard from my clients this has actually improved their romantic relationships or made them more confident with dating, cool huh!?
Tip #3: Creep on Your Credit Score.
If you're going to do any cyber stalking, let it be with your credit score versus the new hottie in your marketing department. Take advantage of easy-to-use tools to help manage your credit. For example, the Chase Slate® Credit Dashboard gives cardmembers access to their FICO® Score, the reasons behind their score and suggestions for managing their credit health.
Tip #4: Paying Your Bills on Time is SEXY.
It really is! Payment history is the most important factor in your credit score (generally 35% of the score). Set up payment reminders or enroll in automatic payments so you’ll never forget. As you pay your bills sign hearts on checks and say to yourself, “thank you for providing me with this product or service” and “There is plenty more money where that came from!”
Tip #5: Don’t be Basic. Check Your Credit Report.
The more you know, the more power and freedom of choice you have. I’ve heard countless times of people checking their credit report and correcting errors that dramatically benefited their credit score. So don’t be basic and go to www.AnnualCreditReport.com to get a free, in-depth overview of your credit history. Review the report closely for any errors – late payments or amounts owed that are incorrectly listed – and immediately remedy with the credit bureau.
Ladies let’s keep our standards, heels, and credit scores high! Amiright?
Now I’d love to hear from you about two things:
In the comments below share....
What one tip are you going to start implementing this week?
Declare you are going to let go of any guilt or shame around debt and start making moves!
You 100% have the power and smarts to master your credit. And remember it’s small, daily steps that get us there. Take the first step, then the next, and the next and you’ll be calling up one of your gal pals saying “I did it!”
I am with you, celebrating your every move! Remember to comment below, declare your change and the tip you will tackle this week!
To your financial success!