XPonential

How to Mend Your Broken Credit

If you have overextended yourself with credit card debt, or have consolidated all of your consumer debt into your mortgage, or are at the point where you just want to cancel your credit cards, we have the 3 steps for you to follow to get your credit back in check:
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1. DO NOT CANCEL ALL YOUR CARDS
It may seem tempting, but money lenders want to see that you can handle your credit responsibly. Instead keep your 2 oldest credit cards (trade lines). The longer you have had your trade line, the better it is for your credit.
2. FOLLOW THE 2/2/2 RULE
The 2/2/2 rule means that money lenders want to see 2 trade lines, for 2 years with a minimum of a $2,000 limit. These cards need to be paid on time each month, and they also need to stay within that $2,000 limit!
3. USE WITH CARE-REGULARLY
The 2 trade lines you keep need to be actively in use. If you are concerned about consumer debt, then have a monthly bill such as your cell phone, cable, or even Netflix charge billed to your credit card. Then have that credit card paid automatically each month from your bank account.

Book recommendation: Better Than Before; Gretchen Rubin. Very insightful about personalities and how we form habits. This is always closely linked to finances and how we handle money.

Retreat - San Francisco February 19, 2017
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