Can you believe we’re already halfway through 2019? This is the perfect opportunity to center ourselves and refocus our attention on things that matter. Graduations, weddings and vacations can quickly occupy our calendars and our credit cards. With so much action taking place, now is the perfect time to take a pause for a quick mid-year credit check-in. While the feeling of gifting and relaxing gives us the boost of positive energy that our minds crave, let’s not abandon our credit scores or long-term goals in the process.
Here are a few reminders to keep things on track while enjoying the events summer has to offer.
Review all credit reports for errors
Be sure to take a thorough look at your credit report to verify the information listed is correct. In the instance there are any discrepancies or errors, this is the time to investigate and dispute if necessary. The credit reporting agency and the lender must be contacted in order to begin the process of resolution. Even in the instance there are no issues found, you’ll have a peace of mind knowing the due diligence has been done.
Make timely bill payments
Impromptu vacations and shopping trips can easily cause us to lose focus on what’s most important. The largest portion of your FICO®Score at a whopping 35% is your payment history. For a complete breakdown, check out the following resource for more information: Breaking Down Your FICO®Score.
Keep credit card balances low
This is something that can be a challenge during the summer months but working towards adopting a mindset of comparing the need to haves in our life compared to the nice to haves is a personal practice that will alleviate credit card balance shock in the future. Maintaining lower revolving utilization ratios will not only help to improve your score but can also definitely reduce any financial worry.
Remain patient and be diligent
Using these tips consistently will keep you on track to finishing this year feeling financially empowered and on track to a healthy credit score.
The way you manage your finances and use credit can impact your FICO®Scores (both positively and negatively). A rise or dip in your FICO®Scores, can vary widely depending on your credit profile, and how you have used and managed your credit overtime.
Carve out an hour this summer to assess where your credit stands. Remember the simplest adjustments can make a huge impact. Pay your bills on time, keep those credit card balances low and only apply for credit when you need it.
To learn more about financial education and credit health, visit myfico.com
I am an official brand ambassador for FICO. While I receive compensation for my participation as a brand ambassador, opinions are mine.