-Understanding Your Credit and Using It Wisely
Credit can be very helpful if you know how to use it properly. Credit can be very painful to the point that you can't get anything in your name if you don't manage your credit and use it properly. Credit can help you out with things like credit cards, student loans, auto loans, and much more. If you get any of these things in your name, make sure you pay attention and understand the terms and conditions before signing for these things. You should also choose from providers with low interest rates, make sure you make your payments early or on time because being late will affect you. If you continue to make your payments on time, this will boost up your credit score to a great rating. And if you don't make your payments on time or miss payments this will drop your credit score low.
-Always Communicate
If it comes a time that you will be late on a payment or will miss a payment, you should contact the lender and let them know. Schedule a alternate date you can make the payment and stick to it when that date comes. If a debt collector or creditor contacts you, do not ignore them. Most people ingnore the fact that their debt is trying to be collected and taken care of by the collector. You must understand that they are not the cause of the situation you are, and they are only trying to help you fix the issue that you're jacking up your credit score. They are only there to help you work on a plan and a payment schedule that will help you resolve the issue. Most creditors will even settle for less than what your total debt was to wipe out the debt on your credit.
-You Should Protect Your Personal Information
When over the phone and online you should be very careful if asked to give your personal information like your credit card, your bank account, and your social security number unless you know for sure that person or company is who they say they are. You should check all your accounts everyday and if you so happen to find anything suspicious, you should report it to your provider or identity theft. They have a service that if your identity ever gets stolen, you can put a block on your information so that everytime someone tries to get something in your name and social they have to first call the certain number where there will be a few questions asked in which the answers relates to the real person's identity which is you. You can also set up which questions will be asked when you join the service and they will store your answers in the database.
-The Military Have Special Privileges
Active military members and some non-service members can suspend or postpone different civil obligations which is called the Servicemembers Civil Relief Act. A creditor, a insurer, or a lender can be prohibited by law from taking any adverse actions against military personnel because they exercised their rights under Servicemembers Civil Relief Act, and it can only be exercised while engaged in active duty which can be full-time training, annual training duty, and attendance at a service school while in active military service.
-You Should Set and Maintain A Budget
The best way to have great financial health is with a good plan and a great budget that you can maintain. You need to set some goals and create a budget that will stick with while getting your goals completed. You should always keep track of what you spend because good budgeting and great spending habits will take you a long way.
-You Should Save Some Money
Have you ever heard of "I'm saving up for a rainy day?" well rainy days does come along and there will be times when you will need money for this that pops up out of no where like getting your car fixed or something. Having money saved will help out at times like this when you didn't expect something to happen that will financially affect you. A savings plans can help ease financial situations when they occur. You should put money in a savings account and it will build as time goes on. You should take advantage of a 401k and retirement plans if your employer offers it.
-You Should Take Responsibility
Although you can get loans, credit cards, auto loans, at the time of need is cool. But you must understand that this money must be paid back plus with intereest, so you need to take on the responsibility of making sure you pay it back. Just as well as the creditor gives you the loan, they will be expecting you to pay the amount back. And if you want your credit to stay good or if you want to take out another loan in the future then you need to maintain your debts and make your payments when you have to. The key to good credit is maintaining your debts at an early age, as you get older there will be so many doors open for you with a good credit score.
