How To: Get Your Credit Under Control This Year

How To: Get Your Credit Under Control This Year

If getting your credit under control for 2014 is your goal, congratulations! That is a great goal to have! Here are a few things you can do to Get Your Credit Under Control this year:

• Set up a budget! This is crucial. If you don't know what your finances look like, you don't know if you are overspending or whether or not you are prepared for a financial emergency. This will also help you figure out how to save but where you can cut down little expenses and put that money toward paying off debt or saving.
• Check out your credit report! If you've never looked at your credit report, it will be eye-opening. If you've seen it before, but not recently, it may still be eye-opening. Regularly reviewing your credit report will afford you an opportunity to see what may be positively or negatively affecting your credit score. This will also help you keep up with unauthorized credit that may be in your name. In addition, if you have debtors on your credit report, you will have a copy of all of their contact information, as well as how  much you owe them.
• Review your credit cards! Reviewing the interest rates and amount owed on each card will help determine not only if you need to keep that card but also if you are hurting yourself more than helping by using that card. If you have 2 cards and one of them has an extremely high interest rate, the best way to go would be to transfer the higher rate card's balance to a lower rate card.
• Consult professionals! There are plenty of credit counselors who don't charge anything for their services. One of the best things you could do would be to talk to one of them about what you would like to accomplish with regard to your credit. They can help you with setting up your budget, help you get copies of your credit report, and give you candid advice about your credit cards and all of your credit questions.
  

If you would like some help getting your credit under control, contact us! We have a list of trusted credit counselors, and we can help you get your credit exactly where you want it to be! Maybe next year, you'll be ready for home buying!

Emcee Arah
RE/MAX Excellence Realtor with Architectural Dimension
Serving all your Real Estate needs in MD, VA & Wash., DC