28 THE QUEENS COURIER • FEBRUARY 21, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
tax guide
How to improve your fi nancial health in 2019
It’s always a good time to reassess
fi nancial goals and work toward improving
your overall fi nancial health. No
matter what your fi nancial goals may be,
having the right information and tools
in place is key to getting you on track to
take control of your credit.
Taking the fi rst step towards fi nancial
wellness can provide a sense of empowerment
as you get rid of everyday fi nancial
stressors, which is why many see
a positive connection between fi nancial
control and self-perception. Th ough
increasing your credit score might seem
daunting, following these healthy credit
behaviors can help you make positive
changes to your fi nancial health and
even your personal well-being.
Understand your credit: When starting
on your journey to better fi nancial
health, begin by familiarizing yourself
with your current credit standing,
as well as understanding what factors
may be negatively impacting your credit
score. A great place to start is with
your Annual Credit Report, which provides
one free credit report each year
from all three nationwide credit reporting
agencies. Th e information in these
reports directly impacts credit scores, so
it’s important to carefully review for any
factors that could cause your score to be
lower than it should be. Th is TransUnion
Credit Score Overview is also a helpful
educational resource and provides
tips towards building a healthier credit
standing.
Review your report and take action:
While assessing your credit report, carefully
review for any inaccuracies or problem
areas that may negatively aff ect your
credit score. For instance, high accumulations
of debt such as maxed out credits
cards and unpaid bills will likely be
refl ected in your credit report. Unpaid
collections are also commonly reported
delinquencies that can cause a big
hit, even when as low as $100 or less.
Prioritize addressing these smaller problem
areas fi rst before they get worse.
Inaccurate information caused by identity
theft can also lower your credit score
and should be disputed online.
Create a plan for better credit: Aft er
resolving any outstanding issues identifi
ed while reviewing your credit report,
create a plan towards improving your
fi nancial health, which should include:
1) On-time payments: Paying your
bills on time and in full each month
is key as it builds a positive history of
on-time payments and responsible credit
use.
2) Credit utilization: It is recommended
to maintain a low credit utilization
ratio, that is, how much of your available
credit you’re using at any given time. It is
recommended that you use no more than
30 percent of the available credit, otherwise,
your score could be suff ering.
3) Evaluate your credit cards: Before
opening or closing any credit cards, do
your research on the diff erent types of
credit cards and the benefi ts they have.
Do one or more of your cards have an
annual fee that you could live without?
Strategize which cards you use regularly
and keep daily spending concentrated
to one or two cards total. However,
don’t close an old account just because
you aren’t using it. Longstanding credit
accounts are vital for building credit
as this demonstrates a responsible credit
history.
Remain vigilant about credit monitoring
and protection: Once you’re in control
of your credit, the next step is to be
diligent about monitoring your credit
and cautious about your personal information,
which includes fraud protection.
Fraudsters may take out loans, lines of
credit, or rent apartments in your name,
which can negatively aff ect your credit
if it results in a non-payment. If you
think your information has been compromised,
you can protect your credit
by freezing it at all three credit reporting
agencies. With TransUnion, you can
simply freeze and unfreeze your credit
with the touch of a button through the
myTransUnion app at any time.
Understanding and managing personal
information is vital to achieving life
goals such as owning a home, fi nancing
your education or having the convenience
of credit cards for everyday
purchases. With responsible fi nancial
behaviors, discipline and consistency,
you’ll be on your way to improving your
credit, and in turn, feeling more confi -
dent about your overall fi nancial health.
For more information, visit
TransUnion.com.
Courtesy BPT
/WWW.QNS.COM
/TransUnion.com
