Today is April 1st and if you’re like me then you’re trying to avoid being the victim of a good April Fool’s Day joke. In addition to being April Fool’s Day, today is also the first day of Q2 2013. Here are some reminders of things to do in Q2…
Looking for a new (or different) car?
It’s warming up and this is the time of year when IF we’re in the market for a new car we’ll start getting serious about shopping and financing. If you’ve got great credit the deals for auto loans are absolutely fantastic. In fact, you may be able to get financing as low as 0%, depending on the make and model you’re looking at. Those great deals are reserved for people with good, or better, credit scores and are offered by the auto manufacturer’s finance arm, which is referred to as a “captive” lender. The captive lender will almost always beat the best terms offered by your bank or credit union because they and the auto manufacturer are playing on the same team. Getting a “unit” on the road and off the car lot is always a good thing for them. Plus, they make money because of the margin of the car. Banks and credit unions don’t have the same dynamic as the captive.
Also: I’ve been told by friends who work in the auto industry to wait until the last few days of the month to buy a car. Apparently that’s the time of the month when salespeople and dealerships are trying to “make their numbers” and may be more willing to work with you on a better sales price. I don’t know if this is true or not, but it does make sense.
Claim your free credit report or reports
We’re three months into 2013 and if you’re like most people you haven’t claimed any of your free credit reports. So, here’s my reminder to you…go to annualcreditreport.com and claim at least one of your three freebies. You may also live in a state where you’re entitled to additional free reports because of state law. I grabbed this chart off the TransUnion website. It provides very helpful information regarding free credit report rights due to state law… (check out Georgia’s fantastic state rules re: free credit reports)
Stop paying your credit cards by their due date!
Don’t misinterpret that title. I’m not suggesting that you stop paying your credit card bills. What I am suggesting is that you consider refocusing from the due date to the statement closing date. By paying by the due date you ensure that your credit report will NEVER show your credit card as having a $0 balance unless you stop using your card. If you pay the card in full by the statement closing date then you’ll have paid off the card before the statement is ever cut. And because credit card issuers report your statement balance to the credit bureaus you’ll ALWAYS have a $0 balance, which is great for your credit scores. Try it! It’s not that hard.
Credit Reporting Expert, John Ulzheimer, is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, founder of www.creditexpertwitness.com and a Contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. You can follow John on Twitter here.