The second month of Women & Money focuses on credit cards and your FICO credit score.
Suze's aims in this chapter are for women to:
- have 1 credit card in your name only
- check your credit card statement every month
- avoid extra fees and high interest rates
- make it a goal to pay your credit card bill in full each month
- know the difference between good and bed debt
- have a plan to pay off old credit card balances you've been carrying
- understand how important a good FICO credit score makes in your financial life
- learn how your credit reports work
- check your credit report annually
My Chase Freedom card that I use for gas, groceries, and utilities is in my name only. I also pay the balance off every month. I check it on-line several times a month to make sure that charges are mine and nothing else has been charged. It has no fees and no interest for a year.
I have a set amount of money that I pay on the Discover card each month to get that paid off ASAP.
I learned the difference between good and bad debt in my Personal Finance class last year and I know the importance of a FICO score. Last year I ordered a credit report and got my FICO score. Wish I still remembered what it was, but at that time it meant little to me so I didn't pay much attention.
I need to work on learning more about how my credit reports work and need to remember to check them at the end of the year.
March 23rd, 2007 at 08:55 pm 1174683314
I just joined and will be making my first deposit very soon; I have to buy the book this weekend.
March 23rd, 2007 at 10:19 pm 1174688354
March 24th, 2007 at 09:33 pm 1174772003