{"id":1095,"date":"2017-03-28T09:36:28","date_gmt":"2017-03-28T07:36:28","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=right_responsibility&p=1095"},"modified":"2025-07-21T20:09:01","modified_gmt":"2025-07-21T18:09:01","slug":"saving-tips-to-manage-your-credit-record","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/saving-tips-to-manage-your-credit-record\/","title":{"rendered":"Saving Tips To Manage Your Credit Record"},"content":{"rendered":"\t\t
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Understanding Your Credit Report<\/h3><\/span><\/div>
When was the last time you checked your credit report? The likelihood is that you have never ever bothered to even care about where your credit record is kept.

\n\nKnowing your credit record is the cornerstone of financial literacy and the first step in managing your own financial affairs. Information is power and the more information you have about your credit record, the better equipped you will be to make sound financial decisions.

\n\nYour credit report helps you understand where you fit into the credit system. Without this information,

\n\nyou may be rejected when you apply for credit or pay more for that money.
\nBy regularly checking your credit report, you can look for unusual activity and spot identity theft quicker.
\nThere are some obvious indicators of a good credit score - like always paying your bills on time - but a lot of what goes into it is a mystery. When you don\u2019t know the ins and outs of your credit score and credit reputation, they both become a little more difficult to manage.

\n\nAs soon as you get a credit card or sign up for utilities, you start building what\u2019s called a \u201ccredit history\u201d. This history includes all your statuses

\n\nacross accounts, total debts, and payment history. It also contains other details related to your financial activities such as known addresses and your date of birth.

\n\nYour credit history or credit reputation can help or hurt you when applying for a home loan, auto insurance or, in some cases, even a job. Building and maintaining \u201cgood credit\u201d can easily save you thousands in interest and fees the next time you need access to cash for a loan.

\n\nArguably, your credit reputation is your most valuable financial asset. You should stay in control of as many aspects of it as possible.

\n\nHere Are Tips for Better Managing Your Credit:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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1. ONLY USE A FRACTION OF YOUR AVAILABLE CREDIT:<\/h3><\/span><\/div>
The more of your credit you are utilising, the more
\nnervous some of your creditors get. So try to keep your
\nutilisation below 10% of your available credit. 10-35% is
\nneutral, above 35% gets you into negative territory, and
\nbelow 10% is ideal.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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2. USE ONLINE BANKING TOOLS TO KEEP A CLOSE EYE ON YOUR ACCOUNT:<\/h3><\/span><\/div>
This is very important for a variety of reasons. First, it
\ncould be an early warning sign that you are a victim of
\nidentity theft and, second, it brings you face to face
\nwith the reality of your spending. Are you getting too
\nclose to the credit limit on any credit card account or
\ntoo close to zero in your bank account? Many current
\nissuers and banks have e-mail and other types of
\nalerts to keep you on track. Take advantage of this and
\nstay alert.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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3. OPEN CREDIT-RELATED MAIL:<\/h3><\/span><\/div>
Open every single piece of mail you receive about your
\ncredit accounts and read it. Especially the fine print.
\nDon\u2019t assume it\u2019s junk mail. When a bank or credit card
\ncompany makes a change to your account, they must tell
\nyou in advance. It\u2019s critical to be aware of those changes
\nbecause it could cost you money if you don\u2019t know about
\nthem, and you could be giving up some of your rights.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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4. MANAGE YOUR CREDIT PORTFOLIO LIKE AN INVESTMENT PORTFOLIO:<\/h3><\/span><\/div>
The less of a credit risk you are considered, the less interest you will pay when you borrow money. If you\u2019re paying less, that\u2019s more money available for whatever you want in life as well as an investment. So you need to manage it. You need to be your own professional portfolio manager when it comes to your credit.
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6. YOUR CREDIT HISTORY IS YOURS TO PROTECT:<\/h3><\/span><\/div>
Don\u2019t allow yourself to be persuaded into taking credit to help someone else, such as buying a car, house, TV, cellphone, etc. If this person for any reason stops paying the credit installment as per the agreement that you signed, you will become personally liable for the repayment of the full amount. If you fail or refuse to pay, legal action can be taken against you.

\n\nvia Herb Weisbaum at NBC News<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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