CNC Financials

02/17/2021

CREDIT TIP💎: Avoid New Card Offers

I know it seems tempting to apply for that new card that you have just been pre-approved for, but you may want to consider the consequences of opening that new line of credit.

If you are someone who already has an established credit history, it may be best to skip applying for that new card altogether. Here’s why:
1. Applying for a new line of credit could result in a hard credit pull.
2. Once you open a new account, it will be factored into your overall length of credit history.
3. You don’t need to open a new account to access more funds.

An alternative to opening a new account would be to request a credit limit increase with your current creditors. This method will help you to avoid losing points off your credit score.

02/17/2021

Everyone loves a good hack to get better results, faster! Although building a solid credit portfolio can take some time, here are a few “hacks” that can have you seeing results a whole lot quicker!

1. Keep your balances low. Ideally, you want to keep those balances below 30% to lower your credit utilization.

2. Use the credit you already have. It’s always a great idea to make small purchases here and there to create more payment experiences. Your credit is based upon your ability to borrow and pay back debt.

3. Plan to rate shop all at once if you are looking to make a major purchase. If you are looking to purchase a home or vehicle, your credit may be pulled several times to shop the best rate. It’s best to get all of your rate shopping done in a 2 week timespan.

02/17/2021

An investment in knowledge pays the best interest. — Benjamin Franklin

02/16/2021

When’s the last time you checked your credit report? During times like these, it’s a great idea to continuously monitor your credit reports to avoid falling victim to identity theft. We recommend our clients pull all 3 of their credit reports and scores on a monthly basis to stay well informed. We’ve partnered with an awesome company to offer our followers all 3 reports and scores for the low rate of $1! Click here to download your reports and scores today! https://idclub.com/redirect.asp?GUID=2N8IFDA6L6XV&sid=00467

02/16/2021

Credit Tip💎: Do NOT Cancel Your Credit Card

If you’re thinking about closing one of your credit cards in order to boost your credit score, you may be in for a shock. Although it may seem logical to simply close your card once you have paid off the balance, you could end up losing 20-40 points off your credit score.

The reason why is because when you close your account, it will affect both your credit utilization (which accounts for 30% of your overall score), and your length of credit history (10% of your overall score). Therefore, it’s best to make small periodic charges to the card and pay the balance down each month to continue to benefit from the payment history.

www.cncfinancials.com

02/15/2021

“The Quickest Way To Double Your Money Is To Fold It Over And Put It Back In Your Pocket.” - Will Rogers

02/15/2021

CREDIT TIP: Limit Hard Inquiries

All credit inquiries are NOT created equal. When reviewing your credit report, you may notice that your inquiries are broken into two separate categories, “Hard Inquiries” and “Soft Inquiries.”

Hard inquiries will have an affect on your credit score, and may occur when a lender needs to review your credit in order to approve you for a loan or credit card. A hard inquiry can lower your credit score up to 10 points. Therefore, it’s a good idea to limit the amount of times you apply for credit.

On the other hand, a soft inquiry will not lower your credit score. Soft inquiries occur in circumstances like checking your own credit score, or being considered for promotional offers.

Schedule Your Consultation Today: https://app.acuityscheduling.com/schedule.php?owner=17802330

02/13/2021

‼️‼️‼️‼️Another way to build credit for teens!!!

Use This Link to Sign Up: https://step.com/r/HNRUG

Download the app “step” for teens 📲 📲
Parents also download the app and activate ✅✅
Send money to your Kids (allowance, money for food, outings, etc) 💰💰💰
Teen will begin reporting positive credit 💳💳💳

Thank us later!

Get $3 when you sign up for your Step Account.