Credit Cards.. and Your Score….Do I Close Some

I must say, too much credit can be a dangerous thing with out enough control. One would feel that having credit cards to every department store would be ideal, but this is not for the week at shopping.

Having many credit cards does not hurt your credit score, it’s the balance on them that effects.  So if you ask should you pay off and close some of your cards?  The answer is simply you should pay “down” so your are staying between 10 – 20% of your available credit.  This will show a creditor that you have the ability to manage your finances. 

Task for today. Pull out the statements and calculate between 10-20% of your available credit for each card. Then calculate all the credit available combined with these cards and if what you owe is greater than 15% of your combined total available credit. Then find the cards with the highest interest and began reducing the balances to get into this window. 

Look for my next blog.. ..Charge It !!!!! Don’t Finance it…

Customer Who.. Not at this Bank

All to many times we have heard of the saying the customer is always right, but when it comes to banking the customer is always wrong. Have you ever wondered if the bank holds funds up because they know a check is coming through. Then after they charge you for a fee, it seems they release your funds immediately afterwards. Is this how you treat your customer? Unfortunately , no one will ever admit it, but banks generate more income yearly, on fee’s for overdrafts, ATM surcharges and other penalties, than they do on interest made from consumer loans. The funny part (inside joke) we keep believing these are the people that we can go to when your less than perfect credit needs a loan..ha,ha,ha.  You been a faithful customer with direct deposit for several years, the tellers know your name, but you can’t get a basic short term loan, from an little bump in life that tarnished your report.

I know you feel down at this point, but behold the light at the end of your nightmare and it has a smile, with customer service like it’s was meant to be. It goes by the name of Credit Union, yes I know your saying,  but I love my bank. Ask yourself when is the last time your bank has loved you back ?  A credit Union, where that bump in life can be discussed and counter offers on your requested amount are offered. Yes I said “counter offer”, has your bank ever heard of the word, it’s the one that comes right before, we’ll send you a letter on our decision. Don’t be a door mat to the monster, be a “Customer” at a credit union and get treated like an member of a family whom your trust your finances.

Money Matters

That old saying the rich get rich and the poor help. Well is it fair ? People are all born with a chance to discover, research and find that skill they can create for the benefit of dollars. Often times we have ideas, but lack the self confidence to put them into an action plan. We focus on the excuse of ”money matters”. The first being I don’t have enough to start the project or how can I survive if I go belly up. Well I don’t have the answer on how to get rich quick, but the solution to help achieve and inspire the inner you.  That resource is available by utilizing some proven basics, which will guide you and relieve you of yeserday’s grasp and sore you into the tomorrows.