ASK THE EXPERTS
Wayne Zussman
President of Triton Wealth Management in Annapolis, Md.
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What's the secret to a good personal credit rating?
The ability to pay for your purchases, whether it is your home, car, television or an evening out, is essential to maintaining and improving your credit rating. If you do not make minimum payments, your balances will continue to grow because of interest and late fees. As loan and credit card balances increase, credit scores typically decrease.
Nothing hurts credit score ratings more than not making the minimum required payments. This signifies to the credit-rating agencies that you are having trouble repaying your debt and is a red flag to other potential creditors. I recommend establishing automatic payment plans with creditors so you are always on time.
Always have a backup or disaster plan in place. Having alternative sources of funds that provide a way to make payments is essential. Examples include sufficient cash reserves, a home-equity line and, most importantly, a disability insurance policy.
