In a world of taxes, mortgages, student loans and monthly bills, navigating your personal finances can be daunting. For many of us, the complexities and responsibilities of money management are more of a burden than an opportunity.
That’s why we recently teamed with Julie Stav, the go-to financial expert in the Hispanic community, in a series of educational TV spots available to DishLATINO customers. The campaign, the first of its kind for DishLATINO, aims to increase awareness among our customers about personal financial management, highlighting the important role that credit plays in “opening doors” of opportunity in the U.S.
Here’s a rundown of Stav’s top four tips for financing your future.
- Build good credit. Most banks can help you build your credit history with a secured credit card that has a limit equal to the amount you have deposited in a savings account. This is one of the best ways for young people to establish credit. After several months of using the card and paying it off on time, you’ll no longer need the savings account as a guarantee.
- Pay on time. On-time payments are the most important factor used to calculate your credit score. Whether you pay your credit card balance in full or make payments each month, don’t miss your due dates.
- Keep your balances low. When you apply for a loan or credit card, creditors look at your Utilization Ratio. What’s this? For existing card holders, it’s the amount you owe, divided by your total credit limit (e.g. $1,600/$8,000 = 20%). Try to keep this number below 30%.
- Call for help. If you know you’re going to struggle to meet a payment obligation, call your creditor and ask how they may help you through the hard period. Many creditors offer options that will help you get back on your feet.
Follow @DISHNews for the latest updates on our Julie Stav campaign!