Last month, I was recorded for an episode of “On Everyone’s Lips.” Today, I am sharing three of those credit tips with you.
O.E.L.’s goal is to teach techniques and strategies.
O.E.L.’s mission is to inspire listeners.
Here are 3 Tips from the show:
- What debts should be tackled first?
It’s best to pay down any and all revolving debts first. Credit cards have a higher negative impact on your credit because they continue to affect you for longer, as opposed to installment loans like student loans and auto loans that have an end date.
Pay down your credit card debt first. Generally, it’s best to start with the card that has the highest APR/interest rate. The more you pay on interest, the more money you wind up paying in the long run.
2. What are some ways to maintain good credit?
Never shut down all of your cards. Closing your credit card accounts means that nothing is actively reporting to the credit bureaus. Eventually, that closed account stops helping your score. When there is no score to report and you have no credit history, then you will pay more for a home loan and other financing.
If you use a credit card once or twice a year, then the creditor won’t shut down your card.
3. What is the best way to obtain your credit report?
The best way is to write a letter to the address below and request a copy of your free annual report. Avoid using the online credit report request, because in so-doing you agree to waive several of your rights when you check the box agreeing to the terms and conditions. It’s always best to put everything in writing. Use the good, old fashioned USPS mail, even though it takes longer than the online system.
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
For the complete podcast, see here.
Thank you, Mr. Khari Harrigan, podcast producer and manager, for inviting me on your show.
Thank you, O.E.L. team Lindsey J, Chelsea Jade, and Monique Knows aka Mo for the interview.