How to Maintain Your Credit
Credit Education
If you have good credit and you would like to keep it, here are some guidelines to follow:
8 Ways to Keep Good Credit
- Manage your finances wisely and use common sense.
- Pay your bills on time.
- Don’t borrow more than you can afford to repay in a reasonable length of time.
- Don’t apply for credit too often.
- Establish emergency savings. This will help you to not rely on credit when tough times come or unexpected things happen.
- If something bad should happen, communicate with your creditors right away.
- Resolve all credit disputes quickly. Although you may think you are in the right, if the dispute drags on and you don’t make your payments, your credit rating will be hurt—even if the problem wasn’t your fault.
- Check your credit report once a year to make sure that no one else has applied for credit using your name.
What to Do If Your Credit is Slipping
If you have charged too much on your credit cards, if you are paying less toward your debt than you should or if you are having trouble maintaining your credit for other reasons, there are a few ways that you can turn your situation around and get back on track.
Create a spending plan
Get your debt under control. Create a plan that shows how much money you earn and how much you can spend. Most people don’t think of saving when they’re in debt, but the only way to get out of debt is to stop using credit and rely on the money you save to pay for what used to go on your credit cards. Creating and sticking to a realistic budget will allow you to pay off your debts and then save money for your priorities. To learn more about budgeting click here.
Budgeting Courses or Workshops
Look for a budgeting course or workshop in your area. This can be another great way to find out how to get yourself back on track. Or consider a webinar or other free online workshop to help you get started.
Contact Your Creditors
Let your creditors know that you are having difficulties and see if they are able to work with you.
Credit Counselling
Many non-profit credit counselling organizations across the country offer free counselling with an accredited Credit Counsellor. The Counsellor will help you to create a budget and see what options you have for dealing with your debt. To find a reputable, not for profit Credit Counsellor in your area, click here.
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