Your credit has a great influence on your financial standing. It affects your qualifications when you apply for a mortgage or student loan, or just applying for a credit card. Many businesses refer to credit ratings to assess whether someone is reliable and responsible. If you have bad credit, you may be viewed as a risky applicant by a landlord or loan officer.

National Get Smart About Credit Day is the third Thursday of October, making it fall on October 20 this year. It’s a day to express the importance of good credit and financial management, specifically to younger generations. Having good responsible credit habits early will benefit you later in life.

So, in honor of this day, here are some tips on how to be smart in keeping your credit in good standing.

Don’t be late. Always pay your bills on time. It is one of the first things lenders look at when you apply for a loan.

Don’t spend what you don’t have. Come up with a monthly budget. Allocate your money for monthly bills, entertainment, necessities, etc. and try to remain disciplined. You don’t want to find yourself using up your entire line of credit. 

Only borrow what you can afford. You don’t need to borrow the full amount for which you are approved on a home or auto loan. The bigger the loan, the higher the monthly payments will be. Make sure you’re comfortable with the monthly payment rate.

Use online banking tools to manage accounts: Set up automatic payments to make sure you pay your bills on time. There are also tools you can set up to notify you of any fraudulent activity. 

Contact Waypoint Bank to learn about the tools we have available that can help you maintain good credit. 

Waypoint Bank strives to be an exceptional provider of superior financial solutions that promote the small-town approach of putting the customer first while earning their trust in the most friendly and professional manner possible. Stop by or phone your local Waypoint Bank today.