Healthy Credit Living Solo
Keeping your credit rating healthy, or above the 700 score, is crucial to your ability to obtain much in the modern business world.
Credit scores are used in 90% of lending decisions such as mortgages and re-finance of original mortgages, with your score influencing the interest rate offered to you.
The same with car buying and even employment hiring decisions. A low enough score can leave you without a car or the job you wanted.
One way to know where you stand is to check on your rating with one of the credit reporting agencies which are businesses online.
All three offer a free 7-day trial period of their reporting of your scores and your current credit report. Both your social security number and a credit card will be required before access to your information. All confidentiality guaranteed by their security efforts online.
But the fine print also says that after the free time is over, your credit card will be charged automatically for their "monitoring" service, usually $19.95 or $29.95 a month. It can be cancelled at any time.
This service includes daily survey for charges that seem fraudulent and an instant alert to you if any found. It provides unlimited access to your report and rate, and $1,000,000 coverage for ID theft insurance.
This may be useful to you if in business, travel a great deal, or use your credit card or cards for most of your purchases.
But for the average person a $29.95 monthly charge might seem excessive or unnecessary for what it would add to one's financial life.
The best way to keep your credit life healthy is simply to always pay your bills on time. Late payments or a bankruptcy will affect it.
Use your card for big purchases such as a new television or appliances and not for small item everyday shopping.
Don't get into the habit of using a card for a quick McDonald's lunch or for groceries unless you plan to pay it off every month.
And if you do end up overspent, and have a balance higher than you planned, then get over your guilt and do something about it.
More advice than I can give you on credit card repair can be found on Mike Pearson's website, called CreditTakeoff.com. He has lots of it, including the 6 best credit repair companies, everything you may need to know about fixing your credit life and nurturing it back to health.
But...you can avoid the long term trauma of paying off a high credit card balance simply by not racking it up to begin with. 'Nuff said.