Guarding Your Credit

ourseniors.net-Guarding Your Credit

Having a good credit score can make a big difference when it comes to receiving financing for personal and professional expenses. A bad score can affect terms and interest rates, and even prevent you from getting assistance altogether.

There are numerous things you can do to protect and improve your score, but there are also plenty of instances where mistakes or fraudulent activities negatively impact your credit. Monitoring your reports is a surefire way of ensuring your score accurately reflects your creditworthiness so that you can receive financial assistance when the time comes.

Tips From the Pros

Pay Bills on Time

Your FICO score can be negatively impacted by late payments. Lenders report your payment activity to collection agencies, and this will affect your creditworthiness moving forward. Be sure to make your payments on time or set up arrangements with your lenders to ensure your FICO score does not prevent you from getting future loans.

Keep Balances Low

Many people believe that making payments on time across multiple credit lines is enough to guard their credit. This could not be further from the truth. People should maintain low balances on their credit cards and loans relative to their limits. High outstanding debt will certainly negatively impact your credit score and make it harder for you to gain access to financial assistance.

Pay-off Your Debt

Opening a new credit line to move existing credit around is one of the worst habits people can make; it often leads to more credit problems. It is important that you only get necessary loans. Being cautious about when you open or pass on a new credit line will help you keep a good score. Emergencies, repairs and improvement costs are usually good situations to open up a new line of credit; be sure to carefully scrutinize everything else.

Avoid New Credit Cards

Do not get new credit cards just to increase your available line of credit. This method can backfire and work against you by lowering your credit score and make you look like a risk to potential lenders. Having multiple credit cards laying around also puts you at risk of identity theft. You might overlook the existence of one or more accounts and will not be aware of unwanted activities.

The Loans for Retirees program offered by BMG Money is a great way to receive emergency loans ranging from $500 to $5000 and terms of up to 2 years that can be used for anything from home repairs, home improvement, medical expenses, automotive care and more. BMG Money offers competitive interest rates with affordable and automated payment plans that suit most senior and retiree budgets. Applying for a loan with BMG Money does not negatively affect your FICO score; on the contrary, applicants can improve their credit history by making timely payments.

BMG Money has been providing financial assistance to people in 42 states and Washington D.C. for over 13 years. It is committed to giving access to educational resources and emergency funds to people who need them the most. If you would like to learn more about BMG Money’s Loans for Retirees program or its other financial services, visit the company’s website www.bmgmoney.com. Customer support is available Monday through Friday, 8:00 AM to 7:00 PM EST at 800.316.8507. All loans offered are subject to eligibility, underwriting and approval. Terms and conditions apply.

OurSeniors.Net is proud to partner with BMG Money to help serve the senior and retiree communities throughout Florida. We have carefully vetted our partner organizations since 2016 and ensure that we only introduce the best of the best to our friends living in the state.

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