Home Loan Focus

Here are some Reminder or Refresher Tips that we can all benefit from to help continue to manage our credit card debt effectively.  As a general rule of thumb these need to be executed with the overall strategy of paying down and off all credit card debt as rapidly as possible.

1. When Setting up the card, choose a convenient due date that fits your cash flow cycle or incoming paychecks.
2. Schedule a new due date if your cash flow cycle or paycheck cycle changes
3. If you mail your payment, send it at least 5-7 days before the due date. 
4. If using a bill pay service do not rely on the services’ scheduling software to get your payment there a day before hand.  Again make payments several days before the due date to allow for problems or delays from your bill paying support system.
5. If your payment gets close to the due date or if it goes past the due date, call the company and pay over the phone if they allow you to do that.  Be sure to ask them to forgive the late payment and dismiss late fees when you pay over the phone.  Use your ability to pay over the phone as leverage to get these items corrected "Will you remove late fees and keep my interest rate at the same level if I can pay you over the phone right now?"
6. Review Your Statements regularly to insure that you do not go over your credit limit and to insure that your credit has not been hijacked to buy energy pills or take a vacation around the world.
7. Work to stay at least 5% under your credit limit at all times and for maximum credit try and stay below 90 – 50% of your credit line.  Zero percent of course is the absolute best.
8. If your balance takes your percentages over these levels, consider calling to ask for a rate increase, but do this only while considering the other ramifications on your credit, such as the number of credit inquiries that you have had in the last 90 – 180 days.

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