Financial Tip for 02-03-2013
This morning First Lady answered inquiries concerning credit reports and credit scores. The question was asked "How can I delete things from my credit report?" The short answer is you cannot delete items from your report. Your report is a running record of how well or how poorly you are repaying your debtors. Items may age off your report however removing things is not an option. Always verify that the information on your report is correct. If there is a debtor which you do not recognize you can report it to the credit bureau and have it investigated.
"What affects my credit score?"
Our credit score is impacted by the following:
Do you pay on time every month?
Are you paying the minimum amount due or do you exceed that payment each month?
Are your accounts maxed to the limit or always near the limit?
"Can cosigning for another individual affect my credit score?"
Yes! When we cosign we are saying if this person cannot repay you I will.
. If you are not able to cover that payment do NOT cosign for anyone!
"How do we manage when we are receiving less pay than we were last year due to the reversion of the tax break?"
We must first remember that God still deserves His portion of our income. Then we look for places where we can make adjustments. Can we cut our cable and satellite bills down by downsizing to a lower package? Can we change cell phone plans so that our bill is lowered every month? We must trim somewhere to stay on budget.
Finally all of us as children of God should seek to be debt free!! It is a realistic goal which can be reached if we operate by the power of the Holy Spirit.
