Ditch the idea of a resolution for 2023. Keep things simple and create a list. This is a great way to stay focused so that you can reach your financial goals. Additionally, if you need more motivation to stay on the money track, create a rewards system to give yourself incentives for reaching each item on the list. With a great financial to-do list, you can implement strategies to improve your financial knowledge and credit score IQ.
The principles below helped to get to a score of over 800, so hopefully, they can help you, too. During the 2023 calendar year, work to reduce your debt-to-income ratio by implementing these three tips:
- Get a copy of your credit reports.
On an annual basis, check your credit scores. There 3 main credit reporting agencies that will allow consumers to review their credit reports for free:
Equifax: https://www.mycreditfile.com.au/products/equifax-credit-report-formerly-known-my-credit-file
Illion: https://www.creditcheck.illion.com.au/
Experian: https://www.experian.com.au/order-credit-report
Submitting an official dispute about an incorrect listings does not negatively impact your credit score regardless of whether it is accepted or denied.
Once you have copies of your credit reports send them to help@solvemydebtnow.com.au for a free assessment and free quote for us to dispute any inaccurate remarks on your credit files on your behalf.
- Pay off your credit cards.
Paying your credit card debt on time is important. Get on the fast track: Consider paying an additional amount every month to speed up the reduction of debt.
The three major credit reporting agencies attribute the length of time you have had credit to determine your credit score. Have you had your credit card for longer than your other accounts? You may want to consider closing an existing credit card after transferring or paying down the debt. Consider paying off the credit card with the highest interest rate first. Put aside an amount of money to pay in addition to the minimum amount due each month.
If you are selecting a new credit card, compare the new credit amount and rates offered against your current credit card. If there is a zero percent rate for transfers, look at the fine print to determine the rate you will be stuck with after the transfer timeframe.
If you are struggling with overwhelming debt, we can assist by contacting your creditors and negotiating debt reductions or waivers and interest and fee reductions or waivers. This can fast track getting your credit cards paid off and other debts under control. Send a list of your debts to help@solvemydebtnow.com.au and we will provide a free assessment and free quote to help you become debt free.
- Get smart about homeownership.
If you’re in the market for a home, be smart about the mortgage and your payments. This type of purchase is recognised differently than the average loan or credit card. Try signing up for fortnightly mortgage payments and consider paying an additional amount to the mortgage principal every month.
Credit cards and qualifying for a home loan are only burdens if you have a lot of debt. Aim to transform your credit score and reduce your debt-to-income ratio by implementing these simple tips.
We can work to get you ready to apply for a home loan by clearing your credit file of incorrect listings and by working to reduce your debts and interest. Simply send a copy of your credit files and a list of your debts and amounts owing to help@solvemydebtnow.com.au and our friendly team will provide you with all the information you need to become debt free sooner.
Your money habits can lead to your financial success
Success in your financial life, comes down to your financial habits. Will they set you up for success, or not? The good news is you have the choice and the power to change your money habits forever.
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