Stop Wondering ~ Manage Your Personal Finances using myFICO
Are you like the many Americans who’s personal finances are a guessing game? Have you looked into your personal history to find your credit scores? Are you aware of any “bad” marks against your credit? You know it used to be the only way you could get any information about yourself and your own finances was to go to a bank. Now, it is so easy to get all your ducks in a row at home on your computer yourself!
We are currently looking into moving and purchasing a new home. So, of course, I am wondering about my credit standing and how banks will see me as a potential client. To be honest, in my younger years I did not make good decisions financially, of course resulting in not so great credit. I have since corrected those issues.
Managing your family budget is the first step in correcting and monitoring your credit. I start by setting a weekly family budget. Everyone in our home knows how much spending money they are allowed each week. We know each week how much we are allowed to spend at the grocery store also. This is a great help! For example if we know our weekly grocery bill is $180 per week to feed a family of five. We look for items on sale or only buy maybe one or two more expensive meals for each week while making sure the other meals are more budget friendly. If there is any left over money for the week split the money in half. Half put in savings and the other half put towards a high interest credit card bill. Knowing how much you have to spend and your budget really helps to save money.
The second step in managing your budget and credit is to be aware of your credit! Have you heard of FICO® Score Watch? FICO Scores are based on the information in your credit reports. Monitoring your credit with myFICO can be a useful tool in your life. Knowing where you stand and how you look to lenders can help you to make better choices and decisions.
Another factor that can affect your life greatly is not being aware of an issue on your credit. Why worry about your identity being stolen or purchases showing up on my credit score you did not purchase. As a blogger I have several affiliate accounts who have to have my personal information. Having the peace of mind no-one has stolen my information to apply for credit or open a credit card helps me to stay focused on keeping my good credit. With our world so much online now, you really need to monitor your credit often. Using myFICO you do not have to wonder what your credit looks like. Just log-in and check!
Knowing my credit score also helps me to set goals in my life. Maybe you don’t have enough credit or need to focus on cleaning up some bad marks against you. Knowing all the information lenders know about me helps me to know what I need to accomplish to get the items in life we want.
Not only does myFICO help monitor credit scores but, they are also there to offer more helpful useful information. If you check out their blog you can see topics such as Teaching Children to Save Early Part 1: K-4 and Tips for a budget-friendly work week. Also, they can recommend the best credit cards for you to apply.
I truly enjoyed reading this very informative article. Thank you.