Excerpt from Chapter 7 – “Let’s Get To Work!”

Be Creditwize: Tips, Tools and Tactics for Controlling Your Credit by Carol DeMarco

Excerpt from Chapter 7 – “Let’s Get To Work!”

Manage My Credit
…How do You begin?

An action plan is your first step.

1. Order a copy of your credit report.
2. Read all of the information included.
3. If errors are found, contact the bureaus immediately.
4. Identify areas for improvement.
5. Subscribe to a credit monitoring service.

Now, let’s discuss each step in detail….

Ladies….

Ladies, 42% of you sometimes (OFTEN?) make only the minimum payment on your credit cards.   Only 38% of men fess up to making the same minimum payment step.  Minimum payments are structured so that it will take you years and hundreds or thousands of dollars of interest payment to pay off the debt.  Are those shoes really worth it?  Well, they might be, but, try to not buy any more until you make double payments for a few months, ok?

Becreditwize.com

Excerpt from Chapter 5 – “Types of Credit Reports”

Be Creditwize: Tips, Tools and Tactics for Controlling Your Credit by Carol DeMarco

Excerpt from Chapter 5 – “Types of Credit Reports”

The type of credit you obtain is not necessarily determined by ownership of the collateral….

#1 Individual Credit Report File

#2 Jointly with Spouse

#3 Individually without Spouse

#4  Jointly with Non Spouse.

Each of the above have unique requirements and benefits…..

 

* In many states, a non-borrowing spouse will have ownership rights to
the couple’s primary residence even though they are not liable for the
debt. Those states are said to have Homestead Laws.

Excerpt from Chapter 4 – “What About Credit Reports?”

Be Creditwize: Tips, Tools and Tactics for Controlling Your Credit by Carol DeMarco

Excerpt from Chapter 4 – “What About Credit Reports?”

What is a Credit Report?

A credit report is the written summary
of the manner in which you manage
your borrowing habits.

• The better you manage your credit performance
the more favorable your report will be.

• Any company from which you have obtained
credit can place information on your credit report
regarding your financial repayment performance.

• Reported items can be credit cards, car loans,
home loans, auto leases, department store
accounts, etc.

*Items not reported can be cell/residential phones, insurance payments, income, childcare expenses, utility expenses….

All of the items not traditionally reported can be added as…..

Venus and Mars credit…

Sixty percent of women carry a balance on their credit cards, but, men aren’t far behind with a 55%.   Additionally, 29% of women have paid a late fee but, so did 23% of men.  Girls….step it up!

Daily Finance/credit center

Becreditwize.com

Excerpt from Chapter 2 – “Credit, A Key Component of Financial Literacy”

Be Creditwize: Tips, Tools and Tactics for Controlling Your Credit by Carol DeMarco

Excerpt from Chapter 2 – “Credit, A Key Component of Financial Literacy”

Why is Credit Literacy so Important?

Most people have a checking account and have a good understanding of
how it works.

Most people have used a debit card and have a pretty good understanding of
how it works.

Most people have a credit card (or two) and have some understanding of
how they work.

Most people know about budgets and may have a little understanding of how
they work.

But, few have even a general understanding of how their credit report works….let’s talk about that….

Credit Scores of Men Vs. Women

What’s interesting is seeing how credit scores differ from men vs. women, and how they can learn from each other.  Here are some surprising stats that may surprise you…

  •     AMOUNT OWED:  Men typically have more debt than women @ > $13,000 vs. $11,500 respectively
  •    ACCOUNTS OPENED:  Women had more open credit accounts than men with a 5 to 4 margin
  •      CREDIT SCOES:  Women had slightly higher average credit scores than me at 682 for women compared to 675 for men.

 

Definition Samples from Appendix – Part 2

Be Creditwize: Tips, Tools and Tactics for Controlling Your Credit by Carol DeMarco

Definition Samples from Appendix – Part 2

Dispute
If a consumer believes an item of information on their credit report is inaccurate
or incomplete, they may challenge or dispute the item. Credit agencies will investigate
and correct or remove any inaccurate information or information that cannot be
verified.

Finance Charge
Amount of interest. Finance charges are usually included in the monthly
payment total.

Fixed Rate
An annual percentage rate that does not change.

Foreclosure
A procedure that permits a lender, in the event of a loan default, to have the
mortgaged property sold in order to cover some or all of the remaining debt.