chapter6n7 (4) - Building a Credit History: Establish...

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Building a Credit History : Establish checking and savings account Have telephone and utilities in your name Establish and maintain credit and loans Pay on time, credit history, credit mixture, and credit utilization Pay off student loans You can check and maintain your credit bureau file for FREE ONLY at annualcreditreport.com Stop charging Pay a consistent amount each month Make automatic payments/transfers Snowball Method or Power Pay: Commit to pay the same amount each month until you are out of debt NO NEW debt is assumed during this period of time Organize debt by interest rate 1. Raise your income Have more money coming in 2. Reduce your debts Cut down on spending/wants 3. Change your standard of living Combination of the first 2 You can do anything in the short term Negotiate interest rates Transfer balance from high interest to low interest credit cards No more universal default Interest Rates:
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chapter6n7 (4) - Building a Credit History: Establish...

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