With the holiday season now over and the new year in effect, many of us are coming back down to the real world.  We now need to figure out how much money we just spent on credit cards and, what should we do with the new retail credit cards we just opened?  Let me guess, the temptation was just too much and, the 10% – 20% discount you received by opening that new account saved you a nice chunk of change?  Was it too good to be true?  I hate to be the bearer of bad news but, IT WAS!


Here’s a little secret: the reason department stores are giving you that huge discount is because, many of you will pay more in interest than the initial discount. These stores are also counting on the fact that you will now spend more money than originally planned.  Question, “Did you read the fine print as you signed for that account?” I’ll bet the answer is NO! Don’t feel bad; most of us don’t read the fine print.  I bet you missed the part where they explain that shiny new card came with an APR of around 25% and, usually these cards carry a lower credit limit.


Modest purchases on cards with lower credit limits will result in highly leveraged cards and lower credit scores.  The credit bureaus only like you to carry a balance of 30% or less of your over-all credit limits.  Example:  If your total credit limits equal $1000, you should never carry balances above $300.  This is called your Utilization Ratio and, it will account for 30% of your overall credit score.  Keep cards open and active but, always strive to keep your balances below 10% of the credit limits.  Keeping a small balance is actually better for your credit scores than, paying the balances off in full.


Confused yet? It’s crazy, they want us to use credit, but they give us ABSOLUTELY NO IDEA ON HOW IT WORKS! That is what I am here for!  I want to help you by giving you a great avenue to get back on your credit worthy feet.  If you find your credit rating to be low, you can always try improving it by yourself or, by contacting a credit repair agency.  Buyers beware and be aware of companies claiming to help people repair their credit.  Always ensure that the company you choose is an accredit company with the BBB and, that they have a good rating.  There are numerous scams and unscrupulous companies out there.  What you need is a company that will actually help you repair your credit.  In my opinion, one of the best companies is BETTER QUALIFIED.  Better Qualified will repair, help maintain, and protect your credit ratings.  BQ uses a time tested and proven process.  Better Qualified is a NJ BBB accredited company with an “A” rating.  Every program is customized and tailored for the individual client.