INTERESTING!

I had been reading the newspaper and this article caught my attention. It was about some money savings tactics for the new year, but mostly some smart things to think about during these difficult economic times. I was going to e-mail it to my kids, but thought instead I would blog it.

I have NO idea who reads this blog, probably just my kids and very few friends, but in case it would be helpful to others, I thought I would pass this information on.

Here is a quick summary of some of the highlights of the article:

• Order your FREE credit report....we are entitled to one free credit report a year. Here is the web site: www.annualcreditreport.com
• Once you receive your credit report review it and take the time to make changes....ie: if you are making regular payments on a loan and it doesn't show up on the report, contact the lender. Otherwise you are not getting credit for "good" credit.
• SCRUPULOUSLY pay your bills on time. One late payment can be costly on a credit report.
• Set up on-line banking. Helps you to keep up with payment due dates, and notices can be set up to notify you when a bill is due. Limits late payments and ugly late fees.
• Try to set up a on-line banking account with a bank that offers this service free. Most do anymore.
• Avoid ATM fees....again, your personal bank should NOT charge for an ATM withdrawal....if they do find a bank and offers free ATM and free on-line banking.
• The article says the reason for on-line banking is that it is a much better paper trail, (believe it or not) and allows you greater options to work with a company on payment times and days, etc.

How you are scored on your credit report:

Payment history: 35%
Amount you owe: 30%
Length of Credit History: 15%
New Credit: 10%
Types of credit: 10% (Didn't elaborate on "types")



As I am sitting here reading this again, these really seem like simple things and most people already do them, but for us old foogies who are a little nervous about on-line banking it helped me to be a bit braver and just get it done. I tried the on line credit report and it works pretty slick. Really good to see what accounts are open/closed/no longer active, etc.

Well, not much more....Just wanted to pass this on.