Discovering YOU Magazine October 2018 Issue - Page 25

MIND YOUR BIZNESS

Don't use all your available credit: It is recommended to maintain a low credit utilization ratio, that is, how much of your available credit you're using at any given time. This suggests to creditors that you can use credit responsibly and do not rely on it too much. It is recommended that you use no more than 30 percent of your available credit.

Building credit takes time: Building and maintaining a track record takes time, responsible financial behavior and smart credit usage. Therefore, it is important to start early and understand the implications of your decisions. For example, closing your oldest credit card account could end up negatively impacting your score. However, every situation is different, depending on a person's account history, fee structure or rates.

Protect your information: You have a vital role to play in controlling who has access to your information, and there are tools readily available to do this. Protecting your information from fraud is critical. As part of TransUnion's ongoing commitment to empowering consumers to understand and manage their information and achieve financial health, it offers a range of solutions. To complement credit monitoring, Lock Alert is a new, innovative feature that automatically sends an alert to members whenever a request for their locked or frozen credit report is made in connection

with an application for new credit.

With the right information, tools and responsible financial decisions, you will be on the path to taking control of your information, leading to good credit health and the opportunity to achieve your dreams.

For more information, visit TransUnion.com.

"You have a vital role to play in controlling who has access to your information, and there are tools readily available to do this."