The Fourth of July means barbecues, the beach, fireworks and family – but take a moment this holiday to contemplate your financial freedom. Having a great credit score makes it easier to pursue the American dream, so follow these four easy steps towards cultivating a strong FICO Score and long-term financial health:
Create a Budget
With so many free budget tools available online and on your smartphone, there’s no excuse for not hammering out a plan. Sign up for a service that tracks your weekly spending and helps you stay within your budget goals – and then apply those extra savings to paying down your debt. Read more about debt management.
Set Up Automatic Payment Reminders
Don’t let forgetfulness wreak havoc on your credit! Payment history accounts for 35% of your FICO Score, so it’s extremely important to always stay on top of your bills and scheduled payments.
Hit the Books
By studying up on the basics of credit, you can make informed decisions when it comes to managing your spending and accounts. There’s a wealth of helpful information available in the myFICO Credit Education pages.
Make it a Habit
The key to physical wellness is turning healthy lifestyle choices into habits – and the same concept applies to your credit. By learning more about the positive and negative factors that affect your score, you can develop healthy spending habits that will pay off in the long run. Like weight-loss, building a great score doesn’t happen overnight, and you’ll need patience and discipline along the way. But myFICO is here to help you make the right decisions!
Do you know your FICO? Click here to get your current FICO Score.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
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