Everyone spends during the holidays. And with spending can come stress, but with a little thoughtful financial planning you can stay worry-free. Here are a few handy hints to add to your glad tidings!
Your Account Balances
There is no long term credit score damage from running up your credit card balances. True, your scores will fall in reverse correlation to your rising credit card balances, but as soon as you pay your balances down your scores will rebound as if nothing ever happened.
Make a Repayment Plan Now
Consider your budget, and limit your holiday spending to a manageable number. Make a repayment plan now so you can get those balances back down in a reasonable time-frame. If you have any important credit applications scheduled for the New Year, be sure that your balances are FICO friendly when you need them to be.
Open Accounts, but Choose Wisely
Keep your inquiries to a minimum. During the course of your holiday shopping you may be offered attractive discounts in exchange for opening new credit lines. There is nothing wrong with opening a new account if there is money to be saved, but choose wisely. Excessive inquiries will lower your scores and may keep you from being approved for more important purchases.
The Gift of Savings
Give yourself the gift of savings. The holidays are a time of giving, so why not extend your generosity to yourself, and make a first deposit in a new savings account. Savings really is the gift that keeps on giving; it gives security, comfort, and self-confidence, and may provide a buffer when unexpected expenses arise.
Start the New Year Right!
There is no better time to make a good credit resolution. Let us help you reach your credit goals. Start our credit repair program now and 2011 can be your year to shine. Nothing feels better!