Wishing you a bright and peaceful 2012!

Happy New Year from Quizzle! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Merry Christmas from Quizzle! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

It’s a Catch-22. If you have bad credit, you pay more in interest on home loans, auto loans, credit cards and more, making it more challenging to make your payments, get out of debt and improve your credit score. On the other hand, if you have good credit, you pay less in interest, increasing the likelihood that you can manage your monthly payments, keeping your credit score high and in tact.

The truth is, no matter what your credit score is now, you can achieve the “platinum standard” of credit – a score above 800 – and nab yourself the best deals on life’s largest purchases.

As your average 30-something, I’ve been in debt, struggled to pay bills and never had a substantial income to bail me out. But, the one thing I do have (now, anyway) is a credit score of 808. And I’m here to tell you my secrets:

Never miss a payment.

I’ve never had a payment reported as late on my credit report. This is crucial to your credit score. Payment history makes up about a third of your credit rating. If you have a good score and miss just one payment, your credit score can suffer upwards of 110 points. Besides debt settlement, foreclosure and bankruptcy, a late payment is about the worst thing you can do to your credit score.

Of course, I’m human. I’ve had flaky moments where I forgot about a bill’s due date and made my payment a few days late. While I was slapped with hefty late fees, I did not get the black mark on my credit report. But I may have been lucky.

Technically, a “30-day late” is any payment received one to 30 days after the due date, according to FICO. However, in many cases, your bank, creditor or lender will give you a grace period of a few days to up to the next due date before reporting your payment as late to the credit bureaus. Find out what your grace period is so you don’t find yourself in a credit crisis.

Bonus: 10 Credit Score Facts and Fictions

Keep your balances low and your limits high.

Another good chunk of your credit score is determined by your credit utilization, or how much credit you use (balances) compared to how much credit is available to you (limits) – the lower, the better. A good rule of thumb is to keep your balances well below 50 percent of your limits. As soon as you hit the 50 percent mark, your score will begin to take incremental hits. On the other hand, the lower you keep your balances below that 50 percent mark, the more your credit score will incrementally benefit.

As a point of reference, the average credit utilization of a person with an 800+ score is 7 percent, according to FICO. Mine averages out to 2 percent, depending on when I pull my credit, as I ordinarily pay off my balances in full each month.

If you’re doing all that you can to keep your balances low, try your hand at the other side of the equation – your credit limits. This can be tricky, as the recession prompted many creditors to not only deny credit limit increases more often, but actually lower your credit limit based on the credit review they do on you. My advice would be to only ask for a credit limit increase if your credit card is in good standing and you have the income to support the possibility of greater debt.

Bonus: How to Build Credit from No Credit in 6 Easy Steps

[Free Resource: Check your free credit report and score]

Another ingredient to the 800+ credit score recipe is a good mix of credit – revolving credit (e.g. credit cards), installment credit (e.g. car loans, student loans) and mortgages. I’ve always had a good mix of the first two, but haven’t yet ventured into home loan territory. Now, I would never recommend that you apply for credit you don’t need, but be aware that the ability to manage different types of credit responsibly bodes well for your credit score.

If you only have credit cards and are eager to mix it up, consider talking to your bank about a savings- or CD-secured loan. This is a type of personal loan in which the money in your savings account or CD is used as collateral in case you default on the loan. This loan typically qualifies as an “installment loan,” like car loans and student loans, and may help you break out of the credit card-only slump. If you go this route, make sure your bank will report your payment activity to the credit bureaus, so your timely payments will help your credit score.

Bonus: When to Freeze Your Credit Report and How to Do It

Don’t apply for credit you don’t need, but don’t close accounts either.

With the exception of my college years, I never applied for credit I didn’t need – and still don’t. I have three regular credit cards, two of which I use often. I also have two retail credit cards that I use on occasion (mostly for the perks). One of my credit cards I use only for gas. Not only does this help keep my budget simple, but the little amount I charge on it each month, then pay off in full, will be reported on my credit report as “OK,” thereby strengthening my credit history.

Each time you apply for a credit card or a loan, your credit score takes a small hit. While one or two won’t hurt you that badly, many inquiries – especially in a short period of time – can. That’s why it’s a good idea to only apply for credit you need and try not to succumb to the temptation of “10 percent off your purchase” every time you hit the register at your favorite stores.

If you have any credit card accounts you don’t use, don’t close them! When you close an account, you’re lowering the amount of credit that’s available to you and if you carry balances on any other cards, your credit utilization will go up and your credit score may go down. Instead, you may want to dust off that old card and use it for small purchases that you will pay off in full each month – like me with gasoline. Ultimately, a good credit score is about more than having credit. It’s about having credit and using it responsibly.

A good credit score is like having a coupon book for the biggest purchases you’ll make in your life. The lowest interest rates afforded to those with top credit scores translate to lower monthly payments – in the case of a mortgage, that could mean many hundreds of dollars in savings each month. Given all those hard-earned dollars at stake, why wouldn’t you manage your credit on a regular basis to make sure your score is where it needs to be?

Find out how to join the exclusive 800+ credit score club with tips and tools from Quizzle.com. At Quizzle, you’ll get a complete understanding of your credit, including a free credit report, free credit score and access to an affordable credit improvement program that will help you take your credit to the next level. See you at 800!

Related articles:

• Is the Financial Services Industry Failing African Americans?
• 5 Ways to Save for Your Kid’s College without a Lot of Money
• How to Save Money at Walmart
• Is there a Connection between Financial and Mental Health?
• 5 Basics of Personal Finance in a Crazy Economy

Photo credit: 840 by TheTruthAbout on Flickr

Secrets of the 800+ Credit Score Club was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Happy New Year from Quizzle.com! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Happy Holidays from Quizzle.com! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Welcome to Quizzle’s Top Money Tips Roundup, where you’ll find this week’s top five most interesting, helpful and unique personal finance articles from around the Web. This week’s edition covers painless ways to give back, how apartment-dwellers can save money, tips for dealing with holiday stress, what to do when a pay-raise is nowhere in sight and where the best deals are post-Christmas.

Giving with the Scraps of Life: 10 Painless Ways to Give to Charities (The Motherload)

As consumers, we’re so inundated with buy this, splurge on that messages during the holidays that it’s easy to lose sight of what the season is really all about… giving. Giving to loved ones, of course, but also to those in need. The Quizzle Wire came up with a list of 9 charities that can use your help during the holidays and The Motherload answered with 10 more ways to painlessly give back.

14 Money Savers at Home, Apartment Style (Frugal for Life)

There are lots of tips and tricks to help you save money at home, but almost always, they’re geared toward homeowners. Apartment renters are people too! And in many cases, renters don’t have the flexibility to make big money-saving changes like homeowners do. This article covers 14 tips to help you save some dough in your rented abode.

5 Ways to Deal with Holiday Stress and Battle the Christmas Blues (The Digerati Life)

The holidays are brimming with “joy to the world,” “laughing all the way,” and other uplifting messages. But this time of year can also be stressful and difficult. Whether gift-giving has left you worried about your finances or memories of a loved one who’s no longer around are plaguing you, The Digerati Life offers five tips to help you enjoy the warmth of the season.

7 Things to Do When Facing a Pay Freeze (Mighty Bargain Hunter)

While the end of the year is celebratory for many, particularly with the holidays, it’s also a time when many companies announce what their employees should expect for raises and bonuses. If your employer gives you the bad news that you shouldn’t expect a raise anytime soon, here are seven tips to help you turn this negative into a positive.

9 Things to Buy after Christmas (Wallet Pop)

If holiday shopping doesn’t satisfy your itch to spend or you forgot to treat yourself to a little something while buying gifts for loved ones, here are nine things that you can buy on the cheap after Christmas.

If you’d like to submit a personal finance article for consideration in our weekly Top Money Tips Roundup, email us at blog[at]quizzle[dot]com. If we select an article that you submit, we ask that you link back to Quizzle.com or the Quizzle Wire on your site or blog.

Top Money Tips: Painless Ways to Give Back and Money Saving Tips for Apartment-Dwellers was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Welcome to Quizzle’s Top Money Tips Roundup, where you’ll find this week’s top five most interesting, helpful and unique personal finance articles from around the Web. This week’s edition covers why marriage might not be good for your finances, side jobs that pay big bucks, tipping on take-out, how to save cash at nightclubs and retirement tips for the new year.

Why You Should Not Get Married (Financially Speaking) (The Sun’s Financial Diary)

Many folks focus on the financial plusses of getting married (in addition to loving and cherishing a person forever, of course), but it turns out, there are also some big negatives. Find out some of the cons of getting hitched from a financial perspective.

3 Weekend Jobs that Pay $50 an Hour (Wealth Pilgrim)

Who couldn’t use a little extra cash? Here are three ideas for side jobs with big hourly wages that make them worth checking out.

How Much Do You Tip for Take-Out? (Budgets Are Sexy)

I wonder this all the time. And as someone who has worked in restaurants – putting together carry out orders, to boot – I can tell you that if you do tip on a take-out, your generosity might not always go to the person who did the work. Find out what others have to say about this common tipping dilemma.

The Clubber’s Guide to Saving Money and Having a Good Time (Financial Samurai)

While I’m not much of a clubber myself, I would never begrudge others from enjoying themselves this way. Plus, I love any list of money saving tips that allow folks to do what they most like to do and save a few dollars doing it.

Out with the Old, in with the New: Rethink Your Retirement Plan (The Simple Dollar)

This is but one helpful post to help you get your finances ready for the new year. Check out what The Simple Dollar has to say about retirement and why you might want to rethink you plan, then peruse the site for other helpful daily tips for a financially fit 2011.

Special thanks to Carnival of Personal Finance, another site that brings you the best of personal finance on the Web, for including our article, 5 Financial Opportunities to Take Advantage of before 2011, in their well-known weekly roundup.

If you’d like to submit a personal finance article for consideration in our weekly Top Money Tips Roundup, email us at blog[at]quizzle[dot]com. If we select an article that you submit, we ask that you link back to Quizzle.com or the Quizzle Wire on your site or blog.

Top Money Tips: Why Marriage May Be Rotten for Your Finances and Side Jobs that Pay Big Bucks was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Welcome to Quizzle’s Top Money Tips Roundup, where you’ll find this week’s top five most interesting, helpful and unique personal finance articles from around the Web. This week’s edition covers mid-range goals and how to achieve them, credit card balance transfer fees, money lessons for women and an important consumer alert about a shocking marketing tactic of one New York business.

Out with the Old, in with the New: Create a Five-Year Sketch (The Simple Dollar)

I’ve often read that the surest step you can take to achieve a goal is to write it down and post it somewhere you can see it. Doing this serves as a regular reminder of your goal and plants a seed in your brain to consider ways to achieve it. That’s what I like about this article from The Simple Dollar. It asks you to do this for your five-years-in-the-future-self. While this article talks more generally about life, this is a great way to achieve your financial goals as well.

Are Balance Transfer Fees Worth Paying? (SmartBalanceTransfers.com)

This article caught my attention because once upon a time, I was allured by a 0 percent balance transfer offer that I thought would save me a few dollars, only to be disappointed when the transfer fee ended up being higher than my savings. Of course, I won’t make that mistake again, but I think it’s an important topic. Learn how to figure out if a balance transfer is worth it and how to save money with the right balance transfer opportunity.

How to Save Money for a Mid-Range Goal (No Credit Needed)

This may come as a shock to some, but it is possible to purchase big-ticket items without using credit. The aptly named No Credit Needed blog shows you how to plan for a mid-range goal, which it defines as “any major purchase or expense that [you] might have to make in the next 2 to 5 years.” Learn from this cash-only pro how to save up for an expense so you can pay in cash and avoid taking on debt.

5 Money Lessons Every Woman Should Learn (Alpha Consumer)

While these money lessons really apply to both men and women, I like that this author chose to focus on lessons that address women’s financial challenges being that they earn less than men on average, are typically in the workforce for less time than men and because women generally live longer than men. The lessons are sound, too. Find out what every woman needs to know about money.

A Bully Finds a Pulpit on the Web (The New York Times)

This isn’t an article I’d typically include in this Top Money Tips Roundup, but it’s just shocking enough that I think it warrants a consumer alert here. Find out what one company is doing to get your attention, how it treats its customers when something goes wrong, and maybe most importantly, a serious lesson about the necessity of researching any company you do business with before you hand over your credit card numbers.

If you’d like to submit a personal finance article for consideration in our weekly Top Money Tips Roundup, email us at blog[at]quizzle[dot]com. If we select an article that you submit, we ask that you link back to Quizzle.com or the Quizzle Wire on your site or blog.

Top Money Tips: How to Achieve Your Money Goals and Financial Lessons for Women was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Welcome to Quizzle’s Top Money Tips Roundup, where you’ll find this week’s top five most interesting, helpful and unique personal finance articles from around the Web. This week’s edition covers debt management – how to get out of debt, how to break the debt-cycle, how to avoid getting into debt in the first place and how to wrap up your year financially.

Reader Story: My Debt-Free Marriage (Get Rich Slowly)

If only more Americans dedicated themselves to becoming debt-free like Mike did in this story, our economy might be in a totally different and much-improved place. Lesson for this week’s roundup: be like Mike. Make something you really want the goal and tell yourself you can’t do or buy that something until you’re debt-free. That finishing-line incentive may be just the thing you need to get yourself out of debt once and for all.

How to Pay off Your Debt When You Earn Peanuts (Yahoo! Shine)

It’s all fine and good if you make boatloads of cash and can pay off your debt painlessly. But what about those who are barely scraping by? Is it really possible to chip away at debt when getting food on the table is a 50/50 chance? Laurie PK offers some tips to make debt-free happen. Only, these aren’t your run-of-the-mill financial tips. They’re psychological ones. And that’s half the battle.

Are You in a Debt-Cycle? If So, It’s Time to Get Out (Christian Personal Finance)

Clearly, the theme of the week is debt management: how to get out, stay out and avoid it altogether. This article talks about debt-cycles, or patterns of debt that seemingly never end. Find out what you can do to break the debt cycle so you can live happily ever after… debt-free.

Get through the Holidays without Racking up Debt (Moolanomy)

It’s difficult to fathom why some Americans, year after year, sacrifice financial stability for burdensome debt just so they can buy family and loved ones gifts they’ll most likely forget about by next Christmas. There’s no caring and responsible family on Earth that would choose material possessions over a family member’s well-being, which includes your financial well-being. This year, be more conscientious with your money. Go in with a plan and stick with it. That way, you can enjoy happy holidays without the debt.

End the Year Financially Fit: 5 Items for Your December Checklist (Personal Dividends)

As many project management professionals know, the secret to tackling a big project is dividing it up into smaller, more easily attainable chunks. Same goes with your finances. Personal Dividends creates monthly money checklists so you have just a few simple to dos each month, getting you ever closer to your financial goals.

If you’d like to submit a personal finance article for consideration in our weekly Top Money Tips Roundup, email us at blog[at]quizzle[dot]com. If we select an article that you submit, we ask that you link back to Quizzle.com or the Quizzle Wire on your site or blog.

Top Money Tips: How to Get out of Debt, Stay out of Debt and Avoid Debt Altogether was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

From the Quizzle family to your family, have a happy Thanksgiving!

Some Thanksgiving facts:

1. Only half the pilgrims who made the trip to America on the Mayflower in the Fall of 1621 survived. Thankful to be alive, they decided to make a Thanksgiving feast.

2. The Puritans brought over a special drink with them on the Mayflower – beer.

3. About 90 Wampanoag Indians and their chief were invited to the first Thanksgiving feast.

4. The first Thanksgiving celebration lasted three days.

In the spirit of giving thanks, a special thanks to TheHolidaySpot.com for the T-day facts.

Happy Thanksgiving from Quizzle.com! was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!