Six Ways to Improve Your Credit Score

Your credit score is an important number that can help increase your buying power. It shows creditors that you are not a risk should they choose to extend credit. A poor credit score could stand in your way of owning a home or even purchasing a car.  While raising your score will not happen overnight, there are steps you can take now to improve it down the road.  Here are six things to consider.

1. Keep an eye on credit balances – Having a high level of debt on revolving credit cards could be detrimental to your credit score. If your credit debt is more than 30% of the available funds, pay down your balances and keep them low.
2. Eliminate small balances – Another factor in your credit score is how many balances you have. If you have a lot of small debts on several credit cards, pay them off. Choose one or two cards that you will use for purchases instead of several small cards.
3. Don’t remove old debt – Debt that you have paid off shows that you are a good credit risk. Do not ask to have this removed from your report. If you have a solid repayment history, show it off!
4. Pay bills on time – This is crucial to retaining a good credit score. Don’t skip payments one month to save up for a down payment or other big purchase. Nothing drops your credit score faster than a missed payment.
5. Don’t pay less – In addition to missing payments, if you suddenly stop paying as much as you had in the past, it could be a red flag. Don’t take cash advances from your cards as this could show money issues. While it is likely these things will not impact your credit score, they could impede your ability to get a loan.
6. Double your payments – Even if you pay your credit cards off monthly, if you run up a big balance, it could be a problem for your credit score. Because creditors only report to credit bureaus once a month, depending on where you are in the payment cycle, a high balance could be detrimental.

If you have questions about your credit score, contact the banking professionals at Queensborough National Bank and Trust Company.

MEMBER FDIC. EQUAL HOUSING LENDER.

Seven Tips to Save Money in 2017

The holidays are a time of shopping, spending and giving. They are typically not a time of planning for saving in the coming year.  However, as you look ahead to 2017, you might find yourself seeking tools to get your budget under control and start a comprehensive savings plan.  Here are some great ideas to help you get your plan underway.

1.      Set a goal – Creating a tangible goal gives you a benchmark for which to strive. Often, individuals looking to start saving skip this step. Without a realistic goal, you could be setting yourself up for failure before the year even begins.

2.      Carefully choose your savings vehicle – There are many options to help you start saving money. Some are great and some come with hidden fees and stringent rules. Be sure to read the fine print so you get the best option for your specific needs. Check out our personal services page for more information.

3.      Create automatic savings – Even those with the best intentions can skip saving a couple months if it is not automatically built into their financial plans. Set up automatic draws from your paycheck every month so that you don’t give saving a second thought.

4.      Plan for emergencies – Your savings account should not be the place you go in the event of an emergency. Create a special account to cover life’s unforeseen situations so that your savings can be tucked away for future use.

5.      Know what you are spending – Know how much you are spending each month (and how much you should be spending) and adjust as needed. Your monthly budget should be set based on your known financial obligations compared to how much you are bringing in each month.

6.      Use technology – There are many great apps available to help you keep track of your savings goals. Consider using these helpful tools to keep your savings plan on target.

7.      Give yourself grace – Sometimes, starting a savings plan can feel like going on a diet. But just like dieting, when you get a bit off track, give yourself a break, and then get back on track so you are able to reach your goals!

At Queensborough National Bank and Trust, we are here to help you reach your savings goal. Contact us for more information about the best savings tools for your needs.

MEMBER FDIC. EQUAL HOUSING LENDER.