Money Watch Q&A: Clean Up Your Credit - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Money Watch Q&A: Clean Up Your Credit

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Cleaning up your credit is the focus of tonight's Money Watch Q & A. New Northern Nevada Director of Financial Guidance Center, Lucy Dealba Powell has helpful tips for paying down your credit cards, hints for boosting your FICO score and signs that credit counseling is needed.  She says an ideal credit score is 720. While 700 is a terrific score for big purchases, Lucy adds a minimum of 720 will provide better opportunities for even lower interest rates. Lucy also says if you pay your minimum credit card balance every month, your balance will go up exponentially because of the interest accrued. If you up your payment by even $5 per month, you could potentially pay down your balance in months, as opposed to years. Also, balance transfers might be something to consider if your interest rate is high. However, she says, make sure you pay your bills on time or you will find yourself in the same boat as before.

You might consider confidential credit counseling and debt management classes at the Financial Guidance Center if you answer “yes” to some of the following questions (provided by Financial Guidance Center):

1. Are you experiencing problems with relationships due to money?

2. Have you taken any debt consolidation loans in the past two years?

3. Have you recently been denied credit?

4. Have you applied for credit several times during the last year?

5. Do you have trouble getting low interest rates when you apply for credit?

6. Are you unsure about the amount of money you owe right now?

7.Are you using cash advances on credit cards to pay bills?

8. Are you receiving calls and over-due notices from creditors?

9. Do you gamble money thinking that if you win, you can pay your debts?

10. Are you having trouble sleeping because of worry over your bills?

11. Are you confused about your rights under the Fair Credit Reporting Act?

12. Have you taken money from your children and/or other family members to pay bills?

Financial Guidance Center

(Formerly known as Consumer Credit Counseling Service)

3100 Mill Street, Ste 111

Reno, NV 89502

Phone: (775) 337-6363

Written by Kristen Remington

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