Saturday, July 19, 2008

What's Your Bills IQ??? :-)
This morning, I took a "Bills IQ" quiz.

Once one takes the quiz, there are tips to help improve financial stability. :-)

Let's see:
-----I use "Credit Karma" to monitor my credit score. I learned (and guessed correctly on the quiz) that payment history is the most important part of your credit score.
-----One should not carry a balance over 33% of the limit on any account. This is good to know...especially for things like clothing store cards....why damage one's credit over purchases that are almost optional?
-----I have never filed bankruptcy. Apparently, bankruptcy can affect you for up to 10 years....I thought that it was 7-8.
-----I know my credit card rates but I don't necessarily pay the highest first...I go more by due date. I pay at least a dollar over the minimum to improve my credit and I have recently read that I should pay ten dollars or more over to pay off faster. I agree with this site that figuring out credit card rates can be very confusing.
-----Lately, I have been able to set something aside for a rainy day. :-) I know from a recent Oprah episode that I should save around 10% of my income.
-----Sometimes I keep a budget and sometimes I keep track in my head....both are working well for me. Naturally, the recommendation is to keep a budget. :-) I spend a lot of time crunching numbers against bills and expected income...sometimes I write this info on a calendar...I guess that's an informal budget...I do that practically every day. :-)

My BillsIQ was 87% (which is a B).

There also offers on this website that are supposed to help cut rates and payments. You can tell the offers "no, thanks." I will come back and look at the offers never know when you might find something helpful. :-)

Credit counseling

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