Personal Finance Week 7 Assignment

Charron 2

PERSONAL FINANCE 2

PERSONAL FINANCE

Samantha Charron

Northern Vermont University

February 23, 2021

Improving the credit worthiness

The first step is to review all the credit reports. It is from here where I would discover what is working in my favor and what is working against me. Such report was obtained from the national credit bureaus. The history on on-time payments, credit balances, loan accounts among others all are factors that come to into play. The other way of increasing the credit worthiness is to make the most a thin credit file. Additionally, it is important to keep the old accounts open and also deal with delinquencies. If the old credit accounts that are not in use, I should not close them down. Even if the history of such accounts remains available, crossing them when they have credit lowers the available credit (Bellon, Cookson, J Gilje, & Heimer, , 2020).

Personal finance

There is a way to prevent the identity. The best thing to day is protect the identity theft is by protecting the personal data. When the personal data is protected, the chances of someone becoming victimized. There are fool proof methods that can be used to protect against the identity theft.

The first thing to do is to use passwords in all possible areas. For instance, in the computers, phones and iPad. It the USA alone, it is estimated that 50% of the of mobile users do not protect their digital devices using passwords. When someone does not have password in his digital devices, it is like not have a door in his or her house. The second way to prevent identity theft is mixing passwords in the digital devices. It is not wise to use one password for all the accounts and devices that you have. If a fraudster accesses one password, it is possible to access all the accounts that the password is used for. Names, and birthdays should be avoided at all costs. It is also wise to stay away from shady websites and links. Identity thieves uses webpages that appear similar to that of the credit company, bank, or other possible financial institution. And lastly, I should never share personal information with anyone. Some of the personal information include the credit can pin number, social security number. Using such personal information, they can cause damage to a persona in many ways. For starters, they can withdraw money from the bank and secondly, they can use credit card to buy items using someone’s` money. If I successfully follow the above steps, I could increase my credit worthiness (Madura, 2017).

It is not possible to have one credit card that has the ability to fulfil the needs of every family, purchase or the budget. There are factors that determines what is best for who. The factors include the credit history, travel goals, whether one is interested in multiple cards and how much one is willing to spend. All these are factors that were considered when selecting the best credit card. The credit card selected suites all the personal and business plan. The credit card is the city double cash card. While the company does not offer a welcome bonus, they charge no annual fee. Furthermore, how the card structure is set is such that you can set it can forget it. There is cashback rate on all the purchases made.

References

Bellon, A., Cookson, J. A., Gilje, E. P., & Heimer, R. Z. (2020). Personal wealth and self-employment (No. w27452). National Bureau of Economic Research.

Madura, J. (2017). Personal finance (6th ed.). Boston: Pearson.