Smart tips to managing your credit

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Be credit smart

Woman holding credit card while using a tablet

It is a good idea to take measures to avoid getting into financial trouble and negatively impact your credit score.

Here are some tips to help keep your credit card spending in-check:

Keep Current

Take time to review your credit card usage

It is important that you keep your credit card payments current. Review your spending and determine how much you need for the essentials like food, shelter, and transportation. Spending patterns are shifting these days and credit cards are a much-needed tool as we shift to a growing online shopping environment.

With this increased card activity comes some increased risk of online tricksters. Take the time to review your monthly bills and address any charges you don’t recognize. And remember, late or missed credit card payments can negatively impact your credit score.

Be Vigilant

Check your credit report regularly

While keeping a tab on your credit report should be a regular practice, now is the time to be extra vigilant. Be aware of all activities happening around your finances and monitor your credit report for any unwanted or fraudulent activity. It is important to deal with these kinds of issues as quickly as possible before there is any damage to your credit score.

On-Time Payments

Key steps to achieving a good credit score

Paying your credit card bill on time is a key step towards achieving and maintaining a good credit score. If you do not make on-time payments, you may risk damage to your credit score. If you think due to the pandemic you may miss a payment, you should reach out to your lender as soon as possible and discuss possible solutions to your situation.

Don’t Overextend Yourself

Leverage your credit to manage your debt

Having a credit card is an important tool for managing both your monthly expenditures and for managing your credit score. Make sure you keep your credit card payments current. This is a smart step in managing your debt and staying on top of your finances.

In times such as these, you want to reduce your spending and your credit card usage. We are anticipating a period of economic uncertainty following the pandemic and that may have an impact on your ability to repay your credit card charges.

Fidem Finance:

If you are impacted by COVID-19, we may have affordable options based on your situation. We are here to help, reach out to us at 1-855-266-3131.  Our hours of operation are Monday to Thursday 8:00 am to 7:00 pm, Friday 8:00 am to 5:00 pm and Saturday 9:00 am to 5:00 pm. Or you can send an email to accountmanagement@fidemfinance.ca.