Recently while speaking at the Women’s Business Network one of the ladies asked a question that led to this blog (I love when others are my inspiration).
She shared how she went as far as taking her adult daughter to the banker and have him share how the credit card companies WIN when we use their cards. Now, that opens up the question… What is your viewpoint? It is very much like what is said about any story. There is always three sides, the first person’s side, the second person’s side and the truth.
Are the credit card companies good or evil?
Now I am not taking sides and I’m not even sure that it matters. As a Coach, I am unbiased and work with only your specific situation. As a Credit Coach, it takes credit and the proper management of credit along with the good history that is created to get the best rates, lowest premiums and reduction in fees. Now the truth… Yes, the credit card companies make money. Yes, it is disheartening that some people pay more for credit than others. Yes, we waste money and sometimes lots of money because we get caught up in using credit and unfortunately don’t manage it as it should be.
I love that every situation is different just like every one of us is different. Each situation warrants a different action and it is based on your ultimate long or short term GOAL. This is the question I first ask my clients as there is no cookie cutter answer to any of this. Just like the weighted system that is used for adjusting the credit scores, each person gets adjusted differently based on their starting point and the percentage of weight.
As a problem solver and advocate, the only thing that matters is what you believe and what your goals are and your action plan should be adjusted accordingly.
-Determine your 6-12 month goals and your 3-5 year goals and write them down.
-Review the 5 components of the credit scoring system.
-Establish habits and reminders for carrying out those necessary action items to achieve your goals.
-Reach out to me or someone who can help you with putting your action items into effect.
As always, if you have errors on your credit reports or items that do not belong to you and you are not having success getting them removed, please take action and contact me for help.
For questions or additional resources, please contact me at Info@CreditGal.CO
Written by Kim Burger ~ Credit Gal, Master Coach and Field Trainer for Financial Education Services.
Information gathered from **FES (Financial Education Services) and United Credit**
Please be advised all effort has been performed to provide accurate information and that Kim Burger and Financial Education Services recommend you do your due diligence. We are not liable for misinformation.