DMG Credit Services

04/18/2022

04/16/2022

"Knowing is not enough; we must apply. Willing is not enough; we must do." - Johann Wolfgang von Goethe 1 missed payment call be extremely costly. 736 to 612 erases tremendous buying power. AVOID missed payments at ALL COSTS! High Utilization will drive your score down. Your utilization has must be....

04/16/2022

1 missed payment call be extremely costly. 736 to 612 erases tremendous buying power. AVOID missed payments at ALL COSTS!
Late payments can report up to 7 years.

High Utilization will drive your score down. Your utilization has must be monitored individually as well as overall. 1 account will kill all your hard work.
Goods news is as soon as it is paid down your score will recover, unlike missed payments.



A credit line increase DOES NOT mean charge more. Utilization is how much you use in comparison to how much you have available. A credit line is a good thing because it will reduce your utilization. However, you could create an adverse effect by charging more. It’s easy to charge more because more is available and just as easy to increase utilization by charging (percentage) more than the increase.
Example:
$300 Limit with $100 balance = 33% Utilization
A credit line increase of $300 makes the new limit $600, but $342 is then charged to account
$600 Limit with $442 balance = 74% Utilization
Budgeting is key is fundamental to financial wellness. A good budget will incorporate a savings plan.

An emergency fund will relieve financial stress. When LIFE HAPPENS, you will be prepared.

“LIFE HAPPENS!” This we know to be true. Do WHATEVER IT TAKES to budget properly, save consistently, and maintain an EMERGENCY FUND.

***DMG Credit Services provides Financial Coaching. ‘FINANCIAL LITERACY’ is the foundation of proper money management. Contact us for assistance.

04/12/2022

It is not enough to know your craft — you have to have feeling.

04/09/2022

State legislators are working to mandate financial literacy classes across New York.

04/08/2022

Financial Literacy is important for EVERYONE!!!

The latest Internal Revenue Service (IRS) statistics covering federal income tax audits through February of 2022 reveals that the agency is continuing to target audits on the poorest wage earners. So far it has completed 132,922 audits of these low-income wage earners with less than $25,000 in total...

04/08/2022

Nearly everyone wants to be rich, but not many are. Why do so few people have real wealth, even though everyone desires it? Certainly, there must be some fundamental differences between the rich and the poor that can account for the differing levels of success. Rich people often seem capable of gene...

04/07/2022

Making the most of your money starts with five building blocks for managing and growing your money. Keep these five principles in mind as you make day-to-day decisions and plan your financial goals.

04/05/2022

A CFPB report revealed that the NCRAs have largely relied on vague, unhelpful form letters in response to consumer complaints filed with the Bureau. This practice, which surged in 2020, left families and communities vulnerable at the height of an unprecedented global pandemic and economic crisis.

04/05/2022

"It's not your salary that makes you rich, it's your spending habits." -Charles A. Jaffe

04/04/2022

Managing debt successfully means staying in control. Explore these 11 signs you may have too much debt and 4 solutions to tackle it.

04/03/2022

Are you financially fit?

Click Start Now!