The way you deal with your checking account can affect your credit report.
If you bounce checks your credit rating will go down making loans and credit harder to get.
If you have always tried hard to keep your credit in good shape then I am sure you know all the dos and don'ts of managing your credit cards and other loans.
But did you know that your checking account can affect your credit history as well? You need to be just as careful with your checking account as you do with your credit cards or your credit score is going to crash.
Always keep an eye on your account balance because if you write any checks that end up getting reported as insufficient funds, that is not good, not good at all.
These bounced checks can stay on your credit report for years, seven years actually.
That is a long time! And if you have written some of these bad checks you might not be able to write checks in stores or even open another bank account.
Ouch! Learning how to deal with your checking account responsibly is just like learning to deal with credit.
Here are some guidelines that will help you to manage your checking account flawlessly: One of the main keys to successful check management is always knowing how much money you have in your account.
This means you actually have to balance your checkbook.
It is amazing how many people do not do this simple and important step.
You might think that you can keep track of all your spending in your head but if you are off so much as one cent, you have damaged your credit report.
Just like that.
Another important step you should take every month is to carefully go over your bank account statement each month to make sure that there are no errors and that you have not missed any checks that you wrote.
If you are going to open a new checking account you should always do so before closing your old one.
It much easier to open a second tan it is to open a first.
And you should never open your new account until all of the checks you wrote on the first have been paid in full.
If you do not take the time to make sure that all your checks have cleared and you transfer your money out or close the account, you will have bounced a check, gotten hit with fees and damaged your credit report all in one fell swoop.
These tips may have made a simple checking account sound pretty scary but really they are not.
As long as you balance your checkbook and you keep an eye on what is going on with your account you will not have any problems whatsoever.
If you bounce checks your credit rating will go down making loans and credit harder to get.
If you have always tried hard to keep your credit in good shape then I am sure you know all the dos and don'ts of managing your credit cards and other loans.
But did you know that your checking account can affect your credit history as well? You need to be just as careful with your checking account as you do with your credit cards or your credit score is going to crash.
Always keep an eye on your account balance because if you write any checks that end up getting reported as insufficient funds, that is not good, not good at all.
These bounced checks can stay on your credit report for years, seven years actually.
That is a long time! And if you have written some of these bad checks you might not be able to write checks in stores or even open another bank account.
Ouch! Learning how to deal with your checking account responsibly is just like learning to deal with credit.
Here are some guidelines that will help you to manage your checking account flawlessly: One of the main keys to successful check management is always knowing how much money you have in your account.
This means you actually have to balance your checkbook.
It is amazing how many people do not do this simple and important step.
You might think that you can keep track of all your spending in your head but if you are off so much as one cent, you have damaged your credit report.
Just like that.
Another important step you should take every month is to carefully go over your bank account statement each month to make sure that there are no errors and that you have not missed any checks that you wrote.
If you are going to open a new checking account you should always do so before closing your old one.
It much easier to open a second tan it is to open a first.
And you should never open your new account until all of the checks you wrote on the first have been paid in full.
If you do not take the time to make sure that all your checks have cleared and you transfer your money out or close the account, you will have bounced a check, gotten hit with fees and damaged your credit report all in one fell swoop.
These tips may have made a simple checking account sound pretty scary but really they are not.
As long as you balance your checkbook and you keep an eye on what is going on with your account you will not have any problems whatsoever.
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