Let's Talk About Credit

At FORVAN Financial Firm Inc., we are constantly told by clients how valuable information around the topic of credit management is; especially as it relates to the impact on daily financial issues. The number one question that we get from our clients is; why has no one ever told me this before? Yes it is true that credit is thought to be a taboo subject. FORVAN Financial Firm Inc., is here to create a forum to educate you on credit.

The fact remains that 80% of all spending habits revolve around credit. This may be directly associated to crediting appliances, furniture, vacation, or indirectly when applying for a loan to purchase an automobile, house or boot. Unless you have the financial ability to purchase all items cash, you are being charged high interest rates or denied credit cards, loans, car insurance and the opportunity to rent based on your credit report and your credit score.

It’s time to talk about credit! Whether you have 345 credit score or 655 credit score there is always room for improvement. Let FORVAN Financial Firm Inc., guide you to the 850+ credit score, live the life that you want to live now without the high interest. Free you from the burden associated to poor credit start building your credit the right way.

Here are some tips to help you get off on the right track:

1. Keep your credit card and line of credit balances below 35% of your advanced credit If your credit advanced = $5000.00 you should not exceed $1750.00

2. Always make your minimum monthly payment on time If your minimum monthly payment is $30.00 due on the 15th of each month ensure to pay the $30.00 on or before the 15th of the month. If you make a payment of $400.00 on the 15th of November this does not mean that on the 15th of December you should miss making a payment. Missing a payment would negatively impact your credit. You must still make your minimum payment of $30.00.

3. Check your credit every 6 months by ordering a copy of your credit report from Equifax and Transunion credit reporting agencies Every credit report will have a minimum of 5 errors on it. These errors may be costing you a lot in interest charges. Identity theft is a major concern in today’s society, it is important to ensure that you have not fallen victim to identity theft The average person has never read a copy of their credit report. It is time to learn how to read your credit report!

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