Jun 25, 2009 8:22 am US/Pacific
5 More Tips To Protect Your Credit
Talk to a counselor: If you're having problems managing your existing debt, contact the National Foundation for Credit Counseling. They can often help get you back on track with a debt management plan. In some cases they are also able to negotiate with creditors to reduce interest rates and penalties.
Use cash: Go to the ATM and take out the amount of cash you budgeted for the week. Put it in your wallet. When your wallet is empty, stop spending.
Limit yourself: If you must use a credit card, be mindful of your limit; Try keeping your balances at or below 35 percent of your limits, since lenders evaluate you, in part, based on how much of your available credit you're using.
Monitor your credit reports: Keeping a close watch on your three credit reports and scores throughout the year can provide you with insight into how lenders are likely to view your credit standing at any point in time. Many websites offer free credit reports. The official, no-strings-attached site for all three U.S. credit bureaus is AnnualCreditReport.com.
Prepare for the holidays now: Before you start shopping, make a list of people you plan to buy gifts for and set a spending limit for each one.
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