At Santa Cruz Properties Ltd., we want nothing more than to see you succeed. We have been helping Rio Grande Valley residents achieve their dreams, no matter their credit score, for over two decades. For those already in good standing with their credit score, check out these tips and tricks on how to avoid slipping into bad credit.
Pay Your Bills on Time
This is probably the most important and simplest thing anyone can do to ensure avoiding bad credit. So many people get stuck with bad credit because they forgot, overlooked or just couldn’t pay their bills on time. We understand life gets in the way of paying bills sometimes but we never want our clients to suffer for it. Always let us know if you’re having trouble making payments and we’ll do our best to ensure life doesn’t stick you with bad credit.
Budget Your Money
Creating a budget is often overlooked but is just as important as paying your bills on time. A budget plan will help you figure out what needs to be paid for more efficiently. If you find that your monthly income isn’t enough to cover all of your expenses, then it may be time to change your lifestyle a bit. And most importantly, STICK TO THE BUDGET.
Set Aside Savings
It’s always best to set aside a certain amount of your monthly salary for emergencies. The standard many experts agree on is 10% of your income going into a savings account. You can eventually increase this amount over time, but 10% is an excellent place to start.
Once you begin saving, give it a purpose. For example, one rule of thumb is to have three to six months of living expenses set aside in an emergency fund. This is in case anything happens that you didn’t plan for, like an injury or job loss. It may sound difficult, but once you start saving, you’ll realize how easy it is to have that peace of mind.
Use Credit Cards Wisely
Having one or two credit cards are great tools for building credit. If you pay your bills on time and pay in full instead of the minimum amount allowed, you could skyrocket from fair credit to great credit. However, these little pieces of plastic should come with a warning label. Too many credit cards and you run the risk of overspending and falling behind on your payments. Use them only as needed.
Always Plan Wisely
Keep these tips in mind and you’re sure to succeed! We always have our clients’ best interests at heart at Santa Cruz Properties. Stop by our office today or call 956.383.0868 if you’d like to get started on owning your own land all while keeping that credit score high.