You’d think canceling a credit card would be no big deal, right? However, when you close an account in good standing, you’ll not only reduce your overall credit limit, which could wind up hurting your credit score, but you’ll eventually lose the history associated with that account. That’s because your payment history and the age of your credit are two of the most important factors that make up your overall credit score. And we all know the higher your credit score the better your rates will be on various insurance, rent and mortgage payments. But there are times you need to cancel a credit card like when you get a divorce. Begin by making sure that you don’t have any outstanding debt on the account; if you do, then you’ll need to pay that off. You can cancel your card over the phone or online. Keep an eye on your credit reports so you can confirm the account has been closed. You’ll also want to check your credit scores to see how canceling the account has affected your credit. Make sure everything looks accurate, and don’t be afraid to file a dispute if anything appears incorrect. Questions call 855-22money or go to yoursafemoneyshow.com.
Tuesday, July 16, 2024
Monday, July 15, 2024
Thursday, July 11, 2024
Highlights of July 13th Your Safe Money Show
Coming up on this Saturday's (July 13th) Your Safe Money Show. Todd will share how to rethink your 401(k) options when you reach age 59 and a half. 10 things you didn't know about Medicare. And how to create a saving strategy. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.
Thursday, July 4, 2024
Highlights for July 6th Your Safe Money Show
Coming up on this Saturday's (July 6th) Your Safe Money Show. Todd will have costs to include in your retirement budget. Riskiest places to give your Social Security number. And a step by step guide to care for aging parents.
Tuesday, July 2, 2024
Closed the 4th and 5th
Sjoberg & Holmstrom Financial Services and Your Safe Money Show wish you a safe and happy 4th of July. We will be closed Thursday July 4th and July 5th. You can leave a message at 320-679-5183.
