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Understanding Credit

3/23/2018

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Understanding Credit

If you are like most people, you have only a vague understanding of how credit is granted, obtained, recorded, and maintained.  In fact, even if you have vast knowledge of the financial industry, you know that our credit system is not, in any way, based on an exact science.  Our credit system and the related tracking of it is based largely on the subjectivity of individual decision making, variable credit scoring formulas, and the further variability of changing objectives amongst the financial institutions granting the credit.

So, whether or not you are credit wise, there is always more information to gather and insight to gain.  Here are three things you can do to increase your credit knowledge:
 
1.Clarify any misconceptions
2.Establish what you know and what you don’t know
3.Identify steps that you can take to improve your financial standing
 
Once you have completed these steps, you will immediately start to see more money in your pocket and in your accounts in the form of lower monthly payments, better cash flow, and lower borrowing rates.  I guarantee it!
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This article is part of Scott Arney's educational series, entitled The Serial Decision Maker.

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    The Serial Decision

    ​Maker
     

    Patrolmen's Dispatch is honored to feature the insightful blog of Scott Arney, CEO, Chicago Patrolmen's Federal Credit Union.   

    Here you will enjoy excepts from Arney's educational series, "The Serial Decision Maker," which includes such  off-shoots as "Decision Points," "A New Use for an Old Cliche," "Arney's Notable Quotables,"  and  "The Super Hero Series." You will also find a wealth of financial insight under the "Financial Literacy" category. 

    Scott is a "true blue" thought-leader, who has served as the CEO of a full-service financial institution for Law Enforcement Officers and their families for nearly two decades. Among his many accomplishments is the development of the Credit Union's Financial Planning and Education Center, which is committed to empowering members through education.  ​

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