Page 11 - January 2024 Issue.indd

Since 65% of your credit score is your payment history (no generate consistent balances and bills. Do not use it for one
past due payments) and utilization rate (below 30%-35%) you month, pay the balance in full and put it in a drawer for two
need to manage your card balances and you need to make months. You have to use it every month. Credit cards are the
your payments when due, always. pump that increases your credit score every month. Prime the
pump every month by using your credit card.

The other 35% of your credit score comes from how long you
have credit (10%), how much new credit you have (10%), and 2024 is going to be an incredibly challenging year for those
your mix of types of credit (15%). Mix of credit refers to how with a lot of debt, especially credit card debt. With credit card
many revolving (credit cards) and installment (fi xed payment, interest rates running from 17% to 24% depending on the

fixed term) accounts you have, both currently and in the past. borrower’s credit profile, monthly interest charges will eat up
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The longer you have a credit history the higher your score. If

you currently do not have credit you need to get it. Th e best
way to get it is to open a secured credit card. You deposit an Calvary Baptist Church
amount, usually $300 with the card issuer and they issue you
a VISA or Mastercard with a $300 limit. If you do not pay, 1120 Market St., Denton • 410-924-6404
then they keep your $300. www.calvarybaptistchurchofdenton.org
Don Reynolds, Pastor
A secured card works just like a credit card. You use it, you
get a monthly bill, and you pay it, and the account shows as 10 AM Sunday Bible School – All ages
a tradeline on your credit report after 2-3 months of usage. 11 AM Exciting Praise / Worship

Also, great Junior Church (5-11 yrs.)

The secret to establishing a good credit score with a secured 7 PM Sunday Evening Worship &
card is to use it. Try to keep the balance below 50% utilization Children’s Class
or $150 with a $300 limit and make your payment at least a 7 PM Wednesday Bible Studies
week to 10 days before it is due. My suggestion is to use it for It Is All About Honoring Jesus Christ
gasoline and that’s it. You will be using it regularly and it will

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