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The Chase Expert Answers Your Questions About Cleaning Up Your Finances!

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As some of you know, The Family Piggy Bank is a great place to discuss personal finance issues with other like-minded moms.

The Family Piggy Bank recently hosted Caryn, a mom who actually works for Chase Blueprint.

She's answered your questions about cleaning up your finances. Read on for Caryn's answers below!

by on Apr. 17, 2012 at 3:31 PM
Replies (21-30):
by on Apr. 19, 2012 at 12:42 PM

Great ideas! Thanks for sharing your advice!

by on Apr. 19, 2012 at 12:44 PM

Quoting CafeMom Team:

princess_1983 asked: I have 4 credit cards. What do I need to do to pay them off fast with not much money?

Caryn answered: Paying off debt is always a smart idea, princess_1983. How you pay it off, though, depends on your personal financial situation and your habits. It would probably be wise to try to pay down balances with higher rates first since the higher the rate, the more you will pay in interest. And the more you can save on interest, the more you can put in your savings account! However, paying off smaller balances first also has its benefits: if you are the type of person who would rather make one or a few larger payments per month rather than many payments per month, you may consider limiting the risk of added costs from missing a due date and incurring fees as you work to stay on top of multiple bills. Balancing these variables will help you make the choice that is right for your situation!

If you have a Chase Slate, Freedom, or Sapphire credit card, it comes with a free set of tools called Chase Blueprint. Blueprint can help you take control of your credit card spending and borrowing by allowing you to set up plans to pay down large purchases or existing balances faster. In fact, Blueprint customers pay down these balances twice as fast as non-Blueprint customers, resulting in big interest savings.

This is very helpful!

by Bronze Member on Apr. 19, 2012 at 1:26 PM

Thank you!!

by on Apr. 19, 2012 at 1:34 PM

 What is the fastest way to lower your debt to income ratio?

by Member on Apr. 19, 2012 at 2:44 PM

Thank you Caryn, these are all such great tips!

by on Apr. 19, 2012 at 3:28 PM

Thank you so much for answering my question! 

Quoting CafeMom Team:

MamaMandee asked: What are the best ways to improve your credit score? I own my own house and car out right but dont own any credit cards, should I think about getting at least one?

Caryn answered: First, MamaMandee, your credit score is determined by a multipart mathematical equation taking into account how you pay your debts and how much debt you owe on things like credit cards, car loans and other lines of credit. Your financial activity can either raise or lower your credit score - generally as you make payments on time, avoid excessive inquiries into your credit report and pay off balances, your credit score will slowly improve. Alternatively, late payments, allowing debt to roll-over each month rather than paying it off, and owning too many credit cards can lower your score. Since you don't have a credit card, that last point shouldn't be a problem for you.

To improve your credit or build up good credit, consistently make payments on time and manage your debt responsibly. And remember, if you've had credit problems in the past, it may take several years to repair.

Finally, if you don't have a credit card, but you're thinking about getting one, credit cards can be a useful financial tool for everyday purchases or once-in-a-lifetime emergencies. For daily purchases, credit cards can help you track your spending against your goals. They also allow you to borrow money for things like a car or new refrigerator - even start a new business. Credit cards are a good way to help you establish and maintain a good credit score for future requests for credit.

by Member on Apr. 19, 2012 at 4:47 PM

Thanks so much! Great advice :)

by Member on Apr. 19, 2012 at 5:05 PM

Great tips, thanks!

by on Apr. 19, 2012 at 8:35 PM
I appreciate the great advice.
Posted on CafeMom Mobile
by on Apr. 19, 2012 at 8:36 PM
Good question.

Quoting bamababe1975:

 What is the fastest way to lower your debt to income ratio?

Posted on CafeMom Mobile
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