[A]s the year draws to a close and you look forward to 2017, you may start thinking about goals to set for the next year. Depending on where you are today, your goals may look quite different from someone else’s. Regardless of whether you have good or bad credit, you need to set goals to make 2017 your best year financially.
Goals for Bad Credit
If you have bad credit, your goals need to focus on making improvements in your financial situation. Some good goals to set would be:
• Get caught up on any late payments
• Pay down credit card balances
• Work on paying off collections
• Get a credit card
Notice that none of these goals said anything about improving your credit score. You don’t have complete control of what score you’ll have, but you can take actionable steps to improve it. These goals are things you can do.
Goals for Good Credit
If you have good credit, you want to keep it. You also need to set financial goals to make your life better. Here are a few suggestions:
• Pay down any credit card balances
• Start an emergency fund or add to it
• Start a long-term savings account or add to it
• Invest for retirement
Even if you have good credit now, an unfortunate event like a job loss can have a negative impact. You need to work on improving your financial security so you can continue to enjoy good credit. Having a savings account and reducing the amount of debt you have are worthy goals as well as investing in the future are worthy goals if you have good credit.
To make your credit goals work, they need to be specific and achievable. You should set a timeline for each goal so you know when to review and make sure you are on track. If you set the right goals and work towards meeting them, the end of 2017 will be even better for you financially than the start.
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