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Why Your Checking
Account Is Vital To Your Credit History
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If you’ve been doing any research about how to get and then maintain
a good credit report, then you’ve undoubtedly read a lot about how to
manage credit cards and other types of loans. But did you know that
your checking account also plays an important part in your overall score?
Why? Because the way you handle your checking account will be reflected
in your credit report. In other words, if you write checks that are
reported as insufficient funds, that information will be reported.
If this happens, it may make it virtually impossible to open another
bank account, or even have the ability to write checks in stores, depending
on your specific situation. In addition, each bounced check may stay
on your credit report for seven years. Don’t let this happen to you!
Instead, learn how to manage your checking account responsibly, and
use it to your advantage in credit situations. Here are some tips that
will help you get started on the right road.
* Always know how much is in your checking account. This may sound basic,
but many people simply log their checks and the associated payment in
the debit column, but never bother to balance the account. They believe
that they can keep a “running balance” in their head. This may work
well for millionaires, but if you haven’t reached that status, don’t
do it! It only takes a penny for you to go over your limit, and that
will result in a bounced check, the scar on your credit history, plus
all of the fees associated with it.
* In addition, it’s important for you to reconcile your account balance
each and every month when you receive your bank statement. You’ll find
an easy, step-by-step guide on the back of your statement. Don’t skip
this vital step—the results could be a bounced check.
* If you decide to close one checking account and open another one,
be sure to open the new account before closing the old one. Why? Because
of tightened restrictions, you will have an easier time opening an account
if it is a second one.
* If you do decide to close an account, it is vital that you don’t withdraw
or transfer your money to the new one until you have paid all of the
outstanding checks in the old one. Reconcile your balance, and then
look for any outstanding check numbers that haven’t cleared. (There
have been instances when an old check hasn’t been cashed for some reason,
and then once the account is closed, the check is submitted for payment.
This results in a bounced check.) If you find outstanding check numbers,
contact the people to find out why the check hasn’t been presented for
payment.
By carefully balancing your checking account each and every month and
making sure that you never write bad checks, you will go a long way
in keeping negative remarks off of your credit report.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
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