Teach Your Children about Credit

  How to talk to your Credit company First off remember this conversation will probably be noted and recorded on your account.  Next time you call the customer service agent will be able to see the notes of this conversation.  I am always friendly, and nice.  Since I am probably asking for a favor, I ask for help.   If the agent cannot help me I respectfully ask to speak to the supervisor.  If the supervisor cannot grant my request I ask them for suggestions.   Never be a jerk to your Lender This will not be reported to the credit bureau but the will be put on the internal record of your credit card or loan account.  It will state how much of a jerk you were to deal with.  Next time you call the customer service agent will see your previous call notes.  Customer Service agents often deal with angry customers, don't be one of them. Nicely ask them for information and if you want them to help you with something ask nicely for h...

What is a Cosigned Loan? A cosigned loan, is a loan where a second party, the cosigner, agrees to be equally responsible for repaying the loan if the primary borrower fails to do so. The cosigner is providing a guarantee to the lender that the loan will be repaid, even if the primary borrower defaults.   My Advice to a Cosigner Never ever cosign a loan.  You are risking your credit rating, which can be very fragile, for someone who either has no credit or has bad credit.  In either of these cases you should not risk your credit. A Friend and His Daughter A friend of mine cosigned a truck loan for his adult daughter (28 years old) and her husband.  They both work and make good money, but have bad credit.  He told them he would cosign for their nearly new truck, however it was very important for them to make the payments on time.   After a year he checked his credit and they had a late payment that was 60 days late.  They lived right next door and did no...

 When To Pay Your Credit Card Bill? You will have 21 days from the statement date to get the payment to the Credit Card Company.  If you are mailing your payment it can take up to five business days for your payment to reach the credit card company.  It is a good idea to pay your credit card bill as soon as you get it.   If you miss it by one day they can charge you interest back to the date of the charges and a late fee.   Do not be late. When is the Payment Due? The Payment Due Date is stated on every bill and it will be the same numerical day every month.  So this month's bill shows a Payment Due Date of July 17th, then every bill will have a Payment Due Date of the 17th. Should I Leave a Small Balance on My Credit Card? No.  There is no benefit to your credit score or your relationship with the bank to leaving a balance unpaid.  Always pay your credit card bill in full.   The credit card company makes money just by you spending money on t...