Spring Clean Your Credit - Experts Recommend Reviewing Credit Reports and Financial Statements
As a new spring season is upon us, now is the time to spring clean your credit.
Rockville, MD (PRWEB) April 22, 2005
While spring flowers bloom and Mother Nature awakens from a long slumber, many Americans begin the age-old tradition of clearing away the dreary signs of winter and breathing new life into their surroundings with a little spring cleaning. But shaking out the rugs and wiping down the patio furniture arenÂ’t the only tasks that require a springtime checkup. Experts recommend taking the time right now to spring clean your credit and get the new season off to a fresh financial start.
“Like a bear that hibernates for the winter and wakes up in the spring, right now is the perfect time to wake up to your own financial situation and get moving in the right direction,” said Steve Rhode, president of Myvesta, a nonprofit consumer education organization. “This is the time to analyze all aspects of your financial life, shop around for better deals and prepare for the future.”
Rhode recommends taking these steps when spring cleaning your credit:
Read your credit card statements carefully, checking to see if your interest rates have gone up or if there are any errors being billed to your account. Close old accounts that are no longer in use such as store or gas credit cards, but make sure you leave your oldest major credit card account open. The length of your credit history makes up a large portion of your credit score and closing the oldest account could hurt your score. Shop around for better deals on insurance, cell phone service and utilities. Develop a savings plan you can stick with and look for a bank that pays a high interest rate on savings accounts. Many online banks are currently offering very competitive rates. If you recently had to pay a large tax bill, adjust your withholding on your W-2 forms so it wonÂ’t happen again next year. Get a copy of your credit reports to make sure everything is accurate and up to date. A consolidated credit report, containing information from all three credit bureaus, is available online at Myvesta. org.
“It’s important to remember that much like the work that needs to be done around the house to keep everything running smoothly, your finances also require regular checkups and maintenence,” Rhode added.
Myvesta is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta. org online.
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