As a parent of two youngsters, it has dawned on me that managing the credit lifecycle is very similar to being a parent. In the beginning, whether it’s children or prospects, you’re doing everything you possibly can to research, learn, take care of and keep them out of harm’s way. As children age, similar to accounts, we tend to be more hands-off (teenagers and bad accounts prefer this approach), but both need managing/supervision. If things really go south, then there is the need for Collections or maybe boarding school, just kidding about the boarding school, but you get the picture. I don’t typically give parenting advice, but I am here to help you with your credit lifecycle needs.
- Stay involved – regularly monitor and analyze your portfolio
- Show some love to both your good and bad accounts – bad accounts need to be adjusted to reduce risk and good accounts might need more incentives to help them grow
- Send the really bad accounts to Collections – it’s for everyone’s good
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