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It's 2018. Time to review your credit reports
#1
Great article on fool.com with 5 solid tips for improving your credit. It says that installment loans make up 10% of your credit score and it can be a difficult balance to know how many installment loans to have open and how much balance to carry. 

Does anyone out there actually track their personal finances to this level?
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#2
Watching my credit reports? I mean... eh. Every once in a while I check my score but I don't normally keep track of it. Admittedly I didn't know about each credit scoring category though, that's interesting to know. But It just seems like a bunch of tips to pay off your debts faster and keep track of our finances, to a general sense, the article doesn't go too deep, in my opinion. Then again I don't think it goes too deeply to begin with.
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#3
Yes i do, from time to time. Me and my partner always make sure to track are finances on a different level. It is very important to us and fortunately, we do enjoy doing it.
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#4
I admit to not tracking my finances to the level of the credit scoring categories. However, I do have a financial plan and I have the monthly payments projected for the next two years. I'm happy enough with my current credit scores and wish to keep it that way. It's nice to know what areas I should focus on to make sure it goes further up or at least stay as good. Even then, without the knowledge of the categories used by credit bureaus, I've always watched out for my credit utilization ratio and paid my bills on time. I'm happy to know that these two make up 65% of the credit scores. My credit length has also helped.

The tips are fairly common, though, and to anyone who seriously wants to finally do away with credit, I'm sure that they may have read them elsewhere.
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#5
Tracking credit reports should always be done on regular basis, if possible twice a month. We need to track and review all the expenses that were paid by using our credits. To make sure if ever there were mistakes in the system, we must be responsible to verify and report to, our credit company. We should also be aware of our surroundings, like if there are cases of hacking in the credit system, thus it will make us more conscious and coherent to make any security preparations.
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#6
I use Credit Karma and check my credit score periodically. The last time I looked I was pleasantly surprised to see that my credit score had rise from the time I looked before so I was able to get a better credit score. I think it pays to check your credit periodically to see what your score is.
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#7
(01-04-2018, 06:33 PM)Setari Wrote: Watching my credit reports? I mean... eh. Every once in a while I check my score but I don't normally keep track of it. Admittedly I didn't know about each credit scoring category though, that's interesting to know. But It just seems like a bunch of tips to pay off your debts faster and keep track of our finances, to a general sense, the article doesn't go too deep, in my opinion. Then again I don't think it goes too deeply to begin with.

I used to have the same outlook as you, until I learned that you can find evidence of identity theft through your credit reports. A financial advisor told me to check my credit report every year in order to check for any fraudulent purchases. As I understand it, the faster these are detected, the easier they are to sort out.
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#8
(01-05-2018, 06:59 AM)unravelcollection Wrote: Tracking credit reports should always be done on regular basis, if possible twice a month. We need to track and review all the expenses that were paid by using our credits. To make sure if ever there were mistakes in the system, we must be responsible to verify and report to, our credit company. We should also be aware of our surroundings, like if there are cases of hacking in the credit system, thus it will make us more conscious and coherent to make any security preparations.

Twice a month? That is a lot considering you only get one free credit report per year. You would have to sign up for a service with the credit bureau to check it that often.
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#9
Any wise individual would always review his or her credit card statement report in order to keep track of all the transactions carried out on the credit and be certain all was use by himself or someone he/she lend the card, either family and friends or for other purposes. The reason why this is encouraged is to detect when the card is being hacked and used by some scammers. 

In the world we live in today, nothing is impossible as a result of the technological advancement we witness today. By simply having the digits of the card one who is versed in the skill of card hack can make use of someone's card without the individual finding out. So therefore, it's always wise to keep record of how your credit card is being used by getting your credit card report on regular basis.
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#10
(01-04-2018, 03:39 PM)Michael Puttman Wrote: Great article on fool.com with 5 solid tips for improving your credit. It says that installment loans make up 10% of your credit score and it can be a difficult balance to know how many installment loans to have open and how much balance to carry. 

Does anyone out there actually track their personal finances to this level?

I was tracking mine and my husbands credit about 3 years ago. I actually was able to dispute and get our credit back up to levels of being able to obtain credit cards and loans. Sadly, life happened that caused some issues and our credit to go back down. Recently my mother picked up this awesome book to help get your credit back up to excellent status. She is working on her credit right now, it is working once she has completed her task I plan to use the tips to improve mine. As of right now and recently I have glanced but have not been actually tracking it. I will be tracking a lot more when improving and once in order to ensure to keep it at the level i am aiming.
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