With the economy slowing and holidays just around the corner, many consumers may be looking to credit cards to help them get through the heavy shopping season. While that may be a good short-term solution, you want to make sure you don't overlook the long-term impact on your credit rating. After all, the actions you take today could hang over your head for years to come--and may make it tough for you to get the home loan or car loan you want in the future.
To help you make sure you manage your credit cards--and your credit score--during the upcoming holiday spending season, follow these steps:
Double-check your card limits. Many credit card companies today have started lowering credit limits. That means you have less credit available, but it also may mean that your credit score is about to take a hit. That's because approximately 30% of your credit score is based on the amount you owe in relation to your available credit. So, if a credit card company cuts back your limit, you may find that you're suddenly almost maxed out. That's not a good sign for your long-term credit score rating.
Ask, pay down, or move around. If some of your credit limits have changed or are nearly maxed out, you can take a few steps to help alleviate the problem. First, consider simply asking for a higher limit to your card...not necessarily to use up with spending, but to allow more unused credit line to be available and therefore boost your credit score. You can also pay more money to the cards that are near the credit limit, if you can. Or, if you have cards with little to no remaining credit line, transfer some of the larger balances onto the cards with lower balances. That'll give you a more... well... balanced financial picture.
Leave home without it. One of the best tips for the holiday season is to: make a budget, identify specific items, and then leave home without your credit card. Instead, bring just enough cash to purchase the items on your list. That will help you resist the urge to impulse buy, and keep your credit card balances lower.
Pick a card... not just any card. If you can't bring cash, make a credit card plan. Identify specific items that you'll pay for on specific cards. By making a plan and spreading your purchases to different cards, you won't overspend and you won't risk running up one or two cards that are near the credit limit, which will hurt your credit rating.
Resist card offers at the counter. Retailers are famous for offering "savings" when you open a credit card. But those savings often don't outweigh the long- and short-term negatives. For one thing, opening a new account--or multiple accounts in a short period of time--can negatively impact your credit score. In addition, consumers often spend more than planned when a new card is suddenly available. So this holiday season, resist the temptation.
Stay active. If you have older cards that you don't use, make sure you keep them active. For one thing, some of those older cards help establish a longer history of positive credit. For another, the available credit on those older cards can help keep your credit score higher because it improves your overall debt-to-credit ratio. To keep those cards active, make sure you charge one or two items on them throughout the year... like, say, when you go shopping for the holidays. Then, pay them off when the bill comes in.
Always pay on time. Your payment record is a very large part of your credit score, so it's crucial that you have an idea how your holiday shopping will impact your credit card bills and that you make a plan to pay those bills on time. If you have trouble for any reason, contact your card companies right away to work out a plan that helps you pay down your debt... and save your credit rating from a huge hit.
Mortgage Market Guide
Happy Thanksgiving Tips
A Caterer's Tricks to a Well-Timed Thanksgiving Dinner
Pat Raitanen
Truffles Catering Ltd.
Thanksgiving dinner is an exercise in timing. Many different dishes need to be ready at the same moment. Is there a secret to getting it right? Moist bird, fluffy mashed potatoes, crisp vegetables with less stress. That's what we asked Pat Raitanen, a caterer who has cooked hundreds of Thanksgiving dinners over the years, including 45 quarts of gravy one year. She says most people don't realize that they can do much more in advance than they have been doing.
Turkey. Buy a fresh turkey the Sunday or Monday before Thanksgiving to avoid lines at the supermarket. A frozen turkey can be bought weeks in advance and defrosted in the refrigerator starting on Sunday.
On Tuesday or Wednesday, unwrap and rinse the bird. Pat dry with paper towels. Brush inside and outside with marinade. I use two cups of olive oil, one-half cup of Grand Marnier and various spices and herbs, including sage, thyme, rosemary, marjoram and parsley. Refrigerate until time to cook on Thursday.
Once the turkey is fully cooked and the stuffing removed, it can rest for as long as 90 minutes before serving -- freeing up oven space for other dishes.
Stuffing. Chop celery, onions, etc., on Sunday or Monday. Store in the refrigerator in sealed containers or plastic bags. If you dry bread for stuffing, set it out on Monday at the latest.
Vegetables. Most vegetables can be washed and cut up on Monday or Tuesday. (Carrots, however, should be cut no earlier than one day prior to cooking.) Store in the refrigerator in sealed containers or plastic bags.
Gravy. Make stock anytime between now and Thanksgiving week, or use packaged chicken stock. (I prefer the organic brands in the natural foods section of the grocery store.)
Start preparing the gravy on the Sunday or Monday before Thanksgiving. Sauté one cup of chopped onions and one-half tablespoon of finely chopped garlic in one-quarter cup of olive oil or other fat. Add one-quarter cup of flour to thicken, creating a roux. Cook this over medium-to-low heat until golden brown. Slowly add three quarts of stock, and reduce to desired consistency. Refrigerate until the turkey is cooked. Before serving, add pan drippings and heat over the stove. Makes about one quart.
Mashed potatoes. Peel potatoes on Tuesday (don't cut them up yet), and immerse in water to prevent them from turning brown. (Sweet potatoes can be peeled and cut up -- they do not need to be put in water.) Store covered in the refrigerator. Cut up, cook and mash the potatoes on Wednesday. Refrigerate in a covered dish.
Just before the meal, warm them up in a preheated oven (300°F to 325°F) for about one hour. Mashed potatoes hold heat well. If you are short on space, get them ready before the other dishes, cover and let them sit.
Cranberry sauce. Cook fresh cranberries a week in advance. Store in the refrigerator. I like to add about two teaspoons of orange zest and one to two tablespoons of Grand Marnier to the recipe on a 12-ounce package of fresh cranberries.
Breads. Buy fresh bread on Wednesday (bakeries are too crowded on Thursday morning), and freeze it. Just before dinner, heat, uncovered, on a cookie sheet, in a 375°F oven for 15 minutes. Corn bread can be baked on Wednesday. Store in an airtight container. Cut before heating in foil.
Pies. Make pastry dough on Sunday or Monday. Chill as a ball or rolled out in a pie pan. Fill the shells and bake on Wednesday.
Q: What's the best way to thaw a turkey?
A: Best way to thaw a turkey: Thaw the turkey breast-side up in its unopened wrapper on a tray in the refrigerator. Allow one day of thawing for every four pounds of turkey -- if you need a faster method, submerge the turkey breast down in its unopened wrapper in sufficient cold water to cover. Change the water every 30 minutes. Allow a minimum thawing time of 30 minutes per pound for a whole turkey. Warning: Thawing turkey at room temperature allows bacteria to grow and, therefore, is not recommended.
Bottom Line Experts
This quotation is from an old Paul Newman movie entitled, "Cool Hand Luke." I don't remember much about the movie, but I do remember that one line. This quote can also apply to the following scenarios.
Mark and Emily agreed to meet for dinner at a restaurant at a particular time on a particular day. Both arrived at the right time, on the right day, but at the wrong restaurant. Each presumed that the "agreed upon" meeting place was the same restaurant location, but it wasn't and they were aggravated with each other for showing up at the wrong place.
Debra and Skylar were working together on a project. When they came to a crucial stage of the project, they realized that an important task had not been completed. Both thought that the other one had responsibility for handling the assignment. Their erroneous assumptions cost them time and delayed their project. It also caused unnecessary conflict.
Zoie's son, 16-year-old son Ethan, was late getting home from a party. Zoie was very angry with him because she was afraid that something disastrous had occurred. She began yelling at him immediately before he was able to explain why he was late. She rebuffed his attempts to explain and ordered him to go to his room. The next morning she read in the newspaper about her son's heroic actions of saving a child who had been a car accident. He was late getting home because he was helping a family in need.
The moral of these stories... Whenever we fail to ask for information that will confirm our understanding or when we presume to know what another person is thinking or doing, we open ourselves up to erroneous thoughts and actions, which can lead to unnecessary conflict. If we develop the habit of asking for additional information, we may enjoy better relationships and a more peaceful existence.
The habit of asking at least three more questions than you think is necessary may be a valuable one. In fact, if we adopt the "who, what, when, where, why and how" method of questions, we can be assured of making better decisions and taking right actions. It takes time, but so does correcting undesired outcomes.
I must confess that if I had applied the "ask more questions" methods recently, I would have saved myself some time and frustration. What would have happened if the people in the above scenarios had applied it as well? How different would the outcomes have been for each of them?
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