Did you know that your credit score is considered when you purchase a car, apply for an apartment, or buy home insurance? To increase your potential for prosperity in these future endeavors, Peoples Bank & Trust would like to share the top traits of consumers with excellent credit, to help inspire you towards success. See if you can work towards these benchmark goals, and push your credit score to the next level:
- They are organized. Unlike most Americans, people with excellent credit utilize a monthly budget to help them track and plan their spending for both long-term and short-term goals. Whether it’s a household budget, vacation budget, or wedding budget, keeping your money organized can make a big difference in how you visualize your spending strategies.
- They are patient. Instead of purchasing something that catches their eye at the store, those with excellent credit have mastered the skill of waiting. By sleeping on the idea of the purchase, and talking about it with a significant other or friend, they can ensure their money is not wasted on unneeded expenditures. Not only does this help to reduce spending overall, but also ensures that alternative options can be weighed before they reach a decision.
- They are efficient. Technology offers a wide array of tools to help users make the most of their finances; our favorite example of this is automation. Those with excellent credit are great utilizers of financial automation to help pay recurring bills, create monthly savings deposits, and assign allowances for their kids. By putting their money on a consistent timeline, they can ensure that all of their financial obligations are completed on-time each and every month.
- They are timely. Outside of their scheduled payments, people with excellent credit tend to regularly pay their miscellaneous bills early or on-time. This allows them to be certain their monthly debts are paid before they look to complete any additional transactions. To further ensure they have not missed a payment, these individuals tend to also check their credit score on a monthly basis. Typically, if a payment is missed or there are too many inquiries in too short of a time, this will raise a flag for credit reporting bureaus, causing them to lower the associated credit score. This can serve as the clue for the consumer to see an issue and resolve it before any further damage is done.
- They are forward-thinking. People with excellent credit aren’t thinking about the next day, or the next week, they’re thinking about the next 5, 10, or 20 years. Their goal is to have a continuous history of fiscal success, while also building savings for retirement, education, and other milestones throughout life. By preparing for these achievements ahead of time, they can create a fund that covers the entirety of their needs instead of only a portion.
- They are goal-oriented. No one ever said money management was fun, but those with outstanding credit know it’s worth it. Whether it’s creating a better life for their kids, reaching their personal dream, or obtaining the capabilities to create a new one, these people create a well-rounded vision of where they want to be, and how long it will take them to arrive.
With these traits, you too can accomplish your financial dreams! Peoples Bank & Trust would love to help you along your fiscal journey. Check our blog throughout the month for helpful and informative tips and tricks to help you continue to succeed in your money management.
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