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For service-members, using credit wisely is very important. Thousands of servicemembers have allotments going towards wage garnishments or to a collection agency for their misuse of credit. The rules for using credit are very simple. Should you choose to violate these rules the consequences can be very costly.

Simple rules for using credit:
  • Know your Values, Goals, Sacrifices, (Read our books for details)
  • Credit is not an extension of your income
  • Never use credit without first having a Revolving Savings account in place and an Emergency Savings account started, (Read our books for details)
  • All monthly credit payments must be paid early before due date
  • All Credit Card balances must be paid in-full at least monthly, weekly is preferred
  • Pre-paying for credit card purchases is advised, (Read our books for details)
  • Never apply or get credit from an auto dealer, always use your financial institution getting approved before you ever walk onto an auto dealers lot
  • Never allow someone else (outside of your spouse) to use your credit
  • Using credit will have a dramatic impact on your credit report and score, (Read our books for details)
  • Never charge more than 35% of your available credit limit on your credit card
  • Never use your GTC for personal use and understand your personal responsibility when using the GTC card
  • Know the Annual Percentage Rate (APR) of all credit contracts, use the APR to compare against other credit offers
  • Opening lower interest rate credit cards to pay-off higher interest rate cards is not recommended as it lowers your credit score
  • Using credit wisely is one of the best ways to build and maintain a good credit score
  • Credit accounts usually will be reported on your credit report; this is a benefit for you as well as the creditors. Just one late payment can reduce your credit score by 50-70 points
  • Dodging a credit obligation is a character issue which may impact your service in the military. We donít care what the State statues say; you must pay your debts by meeting the terms and conditions of the contract you agreed to, period!
  • Donít use a consolidation loan to pay for past un-paid credit, borrowing more money is not the answer. (Read our books for details)
  • A credit card is not used for emergencies, thatís what your emergency savings account is for
We could get into all the State and federal consumer laws addressing interest rates, finance charges and consumer rights. If you follow our simple rules and your credit card balance is paid in-full weekly, who cares what the interest rate is, or over the limit fees or finance charges would be, you wonít have any, simple, get it!

If you are denied credit for an auto loan or any other reason, you can get a free copy of your credit report for being denied credit. Review your credit report and find the negative items that are impacting your credit rating. The credit report will give details, pointing out the negative items that are impacting your credit. The only recommended website to get your free credit reports from is www.annualcreditreport.com, or call 1-877-322-8228. The three Credit Bureaus are Equifax, Experian, TransUnion.

Donít be disappointed that we didnít pick on the banks and credit card companies. They run legal, highly- regulated businesses in a consumer driven free enterprise society called capitalism. No one forced you to sign on the bottom-line, the buck stops here is our motto. You signed for it so you pay for it. Welcome to America where anyone using practical financial methods can succeed with their finances. Never forget that using credit is a privilege, a privilege that can be taken away at any time for misuse.

Remember: Never take financial advice from anyone who has a vested interest in you signing on the bottom line, President, Phillip Day
MILITARY MONEY BASICS


TSP Payday - Millionaire
Savings Accounts Credit and Debits
Buying a Vehicle

Buying a House

Separating

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