Checklist: Making Credit Work for You
Understand factors that positively and negatively effect your credit score, Regularly check your credit report and score, Understand how your credit score impacts future opportunities.
Start small with a secured credit card, Make consistent and timely payments, aim to keep your balance on a credit card at or below 30% utilization.
Use credit only when necessary, establish a repayment plan, Limit the number of credit accounts you open.
If you’re facing difficulty making payments, communicate with the creditor, Negotiate payment arrangements when possible, Seek resources that offer financial counseling.
Familiarize yourself with Consumer protections, Report and dispute and unfamiliar charges promptly, Understand the Fair Debt Collections Practices Act when dealing with Debt collectors.
Use Credit Monitoring Tools, Review Credit Report annually unless you’ve been part of a known data breach, then review more frequently, Track spending habits and trends and spending habits.
Determine how credit factors into future goals, Build savings to limit need for credit, regularly evaluate your credit usage and assess for necessary adjustments.
**For information purposes only. Always consult a healthcare, financial, investing, tax, or legal professional, as this content is not a comprehensive resource on these topics, should not be relied upon, and should not be considered medical, financial or legal advice. No guarantee or any warranties or representations as to the accuracy, applicability, completeness, or suitability for any purpose of the information contained herein is provided.
