Bank Governor to be Made Lord King Despite Earlier Criticism

Banking is not an easy task, but there are a few strategies to help you keep your own credit rating safe.

10:49 23 June 2013

The bank governor, Sir Mervyn King, is to be made Lord King for his work in the banking industry.

 

Here are a few banking tips when it comes to helping you keep your credit rating where it should be.

 

• Due dates—for any due dates you have for bills, make sure you read the guidelines carefully. For some companies, there is a grace period after the due date, but others will state that the payment must be received in their office by the due date. This means you’ll have to account for any holiday or mailing time, or electronic processing time. 

 

• Electronic payments—many people prefer electronic payments, and using their online banking system to make their payments. We automatically expect those payments to be processed quickly, but some banks have to cut a check and mail it to the company.

 

Essentially, you’re just electronically scheduling a payment that your bank takes care of the old-fashioned way. Usually this process takes quite a few days, so find out if your banking institution pays electronically or by check, and leave enough time when you schedule your payments. 

 

• Proactive communication—if you foresee a financial difficulty involving your banking accounts, or other bills, contact the companies and explain the situation. You may be surprised at the response, and could negotiate payment arrangements that will help you get back on track. 

 

• Debt limits—this is essential banking advice: keep debt to a minimum, including loans and credit cards.