This month we have been focusing on some great tips that have been shared online about checking and managing any debt you may have whilst planning for your future.
At ScoresMatter we do not provide advice, however we are able to provide tools for you to check and manage your Credit Score which does encompass and take into account any debt you may have.
In this Blog we set out our top 5 points on how you can manage your finances better:
- Check your Credit Report. Make sure everything that is on your Credit Report is correct , is there any debt on there that you do not recognise? Any new applications for credit that have been made that you do not make? Anything else appear to be incorrect, such as your personal details? Always make sure there is nothing on your Credit Report you were not expecting as incorrect entries could impact your overall credit score and chances of getting further credit when you need it
Once you know your Credit Score you can make a plan. If you already have a good to excellent Credit Score then read no further and just continue managing your credit/debt as you are. However, if you are in the average to low range then making a plan to pay off debt will be really useful in helping you improve your credit rating.
Remember if you are struggling to keep up with payments of your debts and need free and impartial advice you can contact the MoneyHelper.
- A great tool shared by Martin Lewis which we already shared was , Credit card minimum repayment calculator – Money Saving Expert, this is a helpful calculator that you can use to see how long it will take you to pay off any credit card debts that you have if you just paid the monthly minimum.
- Thirdly, take a look at your monthly budget, do you have any extra money left over each month to put towards paying off any debt you have quicker?
- Take into account your overall Credit/Debt ratio (that’s the amount of overall credit you have across your accounts compared to the total you have used). If your credit/debt ratio is high then this may impact negatively on your credit score. When you check your Credit Report in your dashboard we will provide tips on what to do to improve this.
- We share so much personal data online, whether with companies we buy goods from, or services that we manage online. No one is immune from cyber crime and ScoresMatter’s handy Dark Web Scan can check the Dark Web to see if your personal details are at risk from being used by criminals for identity theft and provide helpful steps you can take to mitigate any risks of your data is detected.
Do not forget, we offer new customers a 10 day free trial which will allow you to check out the suite of tools we offer to help you ensure you stay on track for your saving and future goals.
See you for next month’s Blog!
ScoresMatter