Falcon Credit Management Offers Tips to Shop Your Way to Better ...

Las Vegas, NV (Vocus/PRWEB) January 18, 2011

Over the holidays, some of us have given into temptation and splurged on major temptations that wont make for a very happy new year. Make the resolution to earn a better credit score by this time next year with these tips from Damian Falcone, one of debt-riddled Nevadas cutting-edge credit management specialists. By spending the smart way over the next year, you can leverage every purchase you make into a stronger credit score and be in much better financial shape by the time next holiday season rolls around. These and many more helpful tips and software to help you manage your money and even your mortgage are available at http://www.falconcreditmanagement.com.

• Pay Your Bills On Time Before You Go Pay all of your bills before they report to the credit reporting agencies or definitely by the due date even if you can only make the minimum payment.

1.Your credit score is based on your balance at the time it is reported, you should find out what day and pay just before.
2.A $10 late payment can hurt you as much as a $10,000 late payment. Check when the payment will be available ? many payments take days to process, and this can lead to fees. Of all the variables, paying debt on time has the most significant impact on your credit score. Being late by a month could lower a credit score significantly.

• Check Your Available Credit Lines Even if you regularly pay off your credit cards, your credit score will suffer if youre at your available limits (or beyond) at the time of reporting which is different than your due date; even if you pay your bills in full each month. That doesnt mean paying off your balances each month isnt smart, it is just that the credit scores dont care when your due date is. Typically, you want your credit card debt to be 30 percent or less of your available lines of credit. For example, with a $10,000 credit line, you should limit your monthly charges to $3,000 or less prior to the reporting date. Know when your credit card companies report the credit reporting agencies, and pay your balance down before that date. This will provide for optimal credit reporting. Using and paying as much credit as possible is looked on favorably by banks and lenders which can result in their approval of additional services (and credit) you request.
• Make Your Shopping List A list is crucial to better prepare you to manage your credit spending, especially when purchasing big-ticket items. Marketing is the enemy of common sense and you will end up spending more if you react to the glitzy merchandizing ploys than if you stick to your well-thought-out list. Credit is like everything else in life, you tend to make better decisions when you have taken time to think.
• Be Cautious When Opening New Department Store Cards It may be tempting to get that additional 10% or 20% off your purchase when you open up a new retail store card, but the little bit of money you save may be insignificant when multiple new accounts such as these have yearly fees, unfavorable payment arrangements, or lower your credit score due to increased activity. Too many department store cards can leach your credit for just small spending limits. For example if you have a retail store card with a $1,000 limit, another with a $500 limit, another with a $1,500 limit and another with a $2,000 limit, then you have that entire amount tied up; you may not be able to get a credit card you can use anywhere else like a high quality rewards card with a $15,000 limit. Only open the cards you know reap great spending rewards, and don't request accounts be closed, if reasonable, because closing accounts shortens your credit history.
• What You Buy, Where You Shop May Affect Your Credit Score Think twice before buying that pawnshop watch on credit. What you buy and where you shop may affect your credit score. Credit card issuers use complicated formulas to analyze their cardholders purchasing data for signs of increased risk. If you use your credit card at merchants specializing in pawned goods, secondhand clothing, retread tires, etc, your credit card issuer might assume youre experiencing financial stress. They may react and increase your interest rate and reduce your credit limit which can result in lower credit scores.

Unlike the FICO score used predominantly in the 80s and 90s that stipulated that your credit score was broken down into five categories ? payment history, total amounts owed, length of credit history, new credit and type of credit in use; creditors now use high functioning, inexpensive database software to evaluate many other components including: where you shop, the previous person's credit at the address you live at and just about everything else excluding sex and sexual orientation.

Falcon Credit Management (FCM) is a full service credit management company and is the first and only company licensed in the state of Nevada to provide loan modification, debt adjustment, credit services, foreclosure mediation and bankruptcy counseling. FCM provides a wide-range of high-quality financial, credit and debt restructuring services to individuals and businesses at a wider range of rates through investments in technology resulting in efficiency. The company consistently helps its clients in loan modifications, debt settlement, credit repair and identity theft. For more information about FCM, call (702) 489-6575 or (866) 832-4150 or visit http://www.falconcreditmanagement.com.

Source: http://www.dailyrosetta.com/falcon-credit-management-offers-tips-to-shop-your-way-to-better-credit-in-2011/22183.html

psychologist computer road trip tumblebooks bed bugs national university google chrome os