As the COVID-19 outbreak continues to affect our communities, including in particular our families, friends and businesses, the THD team is very sympathetic to the stresses and burdens created for all of us.
I want to share some tips that could help ease the strain on your personal finances.
- If you are unable to make any of your bill payments on time, contact your lender (bank, credit card, auto loan, student loan etc.) and let them know of your hardship. Ask them to waive late fees and forgo interest charges at this time.
- As the coronavirus pandemic continues to spread, hackers may be leveraging your vulnerability to steal your personal data, including your credit card information. Put a credit freeze or an alert on your credit or sign up for a credit monitoring service to track your credit. Credit karma and Experian are both options for this service.
- The IRS is not calling you or leaving you messages. Rest assured these are fake so don’t call back or provide any information at all.
- If your child is over the age of 18 be sure either you or they put a freeze or alert on their credit.
We’re thinking of everyone who is being affected, either directly or indirectly. This moment reminds us that we’re all connected like never before, and we hope to do our part to support you, our community during this time.
Please reach out if you have any questions at all.
Generally speaking, I recommend clients keep unused credit cards open so they can benefit from having a large amount of available credit. This also shows they are only using a small portion of their credit limit. There are exceptions, to this rule.
Here is what you should know before you make a decision:
- You might want to close unused credit cards if it has an abundance of fees.
- Consider closing an account that has active fees, if it will prevent you from using it and racking up more debt.
- Always keep some accounts open allowing your credit utilization (the ratio of your credit card debt to your total credit card limits) to be lower. Always aim to keep your overall credit utilization below 30%, it typically shows lenders that you’re using credit, but not dependent on it.
- Don’t close the oldest credit card account on your credit report. This card often serves as a marker and shows the longevity for your credit history.
- If you want to close credit card accounts, don’t close multiple accounts at once. It can come across suspicious to creditors.
- Always check your credit reports for updates and errors after you close an account. While the closed account and payment history may stay on your reports for seven or more years, the status should be updated to reflect that they are closed.
If you want more information about closing an account or want to review your credit report, give me a call or email me today.
- 97% of all consumers research products and services online prior to making a buying decision.
- 83% of consumers trust what they read online about a business… good or bad!
- 72% won’t buy if there’s a negative review
- Only 53% of consumers would consider using a business with a rating less than four-stars
- Do your Google results reflect the reputation you’ve worked hard to build?
- Do you have a past court case or settlement that continues to imprint itself on you or your business’s digital identity?
- Does your business have poor reviews (Google, Facebook and Yelp etc.)