Monthly Archives: October 2014

5 Things that are Killing Your Credit Score

credit cards stack on white

It is important to know your credit score before trying to apply for a loan or new credit


In today’s post-recession economy, many individuals are confused about what can hurt or help their credit score. It can be frustrating to decide on a major purchase only to discover that your credit score is not high enough to be accepted for a loan. In many cases, people are unintentionally hurting their credit score. Here are 5 common mistakes that can drive that three digit number down:

  1. Paying your bills late. While a couple late payments won’t cause much damage, making a habit of overdue credit card and loan notices can work against you.
  2. Not paying the minimum amount required. A creditor will typically report this account as past due at some point. This can result in late fees and add-on interest charges.
  3. Keeping debt levels too high. When you owe a lot on a card or max it out each month, creditors begin to question your ability to pay. They may even tack on an extra high interest rate to compensate for the high risk of your account.
  4. Owning too many credit cards. Department store discounts that are offered with the store’s credit card may seem tempting but if you don’t use the card, potential creditors begin to worry that you won’t be able to repay a new obligation when you use so much credit.
  5. Not alerting creditors if you have moved or changed names. This minor mistake can cause inaccuracies in the credit that you have worked to build. If bills continue to be delivered to a previous residence, you may see them late or never at all, resulting in late payments.

Many credit mistakes are easy to make and tough to reverse. It is no wonder that credit reports can be so confusing. If you want to commit to bumping up your credit score, work hard to make regular payments each month. This is the easiest and fastest way to get on the road to financial security.
If you are struggling to get out of credit card debt or saving for a future investment, try one of Milledgeville State Bank’s online financial calculators. These simple tools will help you measure how much you need to save in order to reach your goals.

Scary Spending that is Shrinking Your Wallet

credit card and dollar close-up

Small expenditures are adding up and creating financial stress for many Americans. Don’t be one of them.


Both wealthy and working class Americans are unknowingly blowing surprising amounts of money every year in a variety of ways. Fees, indulgences, and a variety of small behaviors cause us to waste money and create bad habits. These are just a few of the most popular things that Americans are blowing their money on.

  1. Wasted food – According to the National Resources Defense Council, each American wastes about $529 each year by throwing out unwanted food.
  2. Expedited shipping – Paying the extra few dollars to get your purchases faster is a habit that can quickly add up.
  3. Tobacco – Americans spend an average of 14 percent of their income on cigarettes. That is about one-seventh of their total income! This number only increases in states where tobacco taxes are higher than average.
  4. Daily coffee trips – A survey conducted by Accounting Principals concluded that Americans who regularly buy coffee during the week spend an average of $1,092 on coffee each year.
  5. Poor health habits – Junk food like soda and candy not only lower your quality of health but they are also non-beneficial and costly. The National Retail Federation claims that Americans spend $2 million on candy during the weeks leading up to Halloween alone.
  6. ATM fees – While different bank ATM fees are unavoidable at times, it is still a good idea to know the average cost that comes with this convenience so you can prepare ahead. If you are in a crunch, many convenience stores will allow you to use a cash back option when you make a small purchase.

Do any of these expenses sound familiar?
Even the smallest cutbacks could save you money and ease your financial stress. Make it a challenge! Pick one item to try and cut back on this month. The savings might surprise you!
Milledgeville State Bank can help by offering various accounts to make your savings work for you. Start a conversation with us to find the right one for you!