Here is a great article direct from RISMEDIA...by Jeff Mandel and Marlin Brandt...Read more: TAKE CHARGE OF YOUR CREDIT
Here are some simple first steps to consider in liability management:
STEP 1: Understand How Credit Works-Now is not the time to be content with understanding 80% of what you need to know about your credit or saying, "I'll get to it tomorrow because I don't have time today." Ninety-four percent of consumers are challenged with understanding the basics of how personal credit works to assure they have the best credit and debt profile possible.
STEP 2: Continually Evaluate and Monitor the Health of Your Current Credit Profile-The second step is to evaluate your current credit and debt profile and establish a plan based on your short- and long-term credit needs. Continually monitoring your credit report and profile is no different or less important today than getting a physical exam by your doctor.
STEP 3: Optimize Your Credit-Each of your debts should be periodically reviewed and analyzed. Are there options you can take to improve your overall credit profile so that you're more desirable to creditors for their "preferred" interest rates? Should you consolidate some of your debt? Once you strengthen your credit and debt profile, do you have options on your home, auto and credit cards to negotiate lower interest rates and terms that would save you money monthly?
STEP 4: Rethink New Purchases-Excellent credit is like an insurance policy. When you need to use it you want to help ensure you qualify for the preferred interest rates and terms that will give you the best payment options based on your needs and capabilities.
Don't let anyone mislead you. It takes time, knowledge and planning to assure you build, optimize and manage your personal credit and debt profile so that you can help maintain the affordability of what you have and/or create a better opportunity to qualify for preferred interest rates and terms on purchases requiring additional credit. Jeff Mandel is president and Marlin Brandt is COO of ApprovalGUARD.
Dawn Barrier EXP REALTY Las Vegas (702) 812-4550
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