KASL

WESTON COUNTY EXTENSION OFFICE

BILL TAYLOR
1/18/11

FINANCIAL TIPS (PART 2)

This is part two of financial tips supplied by Cole Ehmke, UW Extension Specialist in Family

Finance:

How to Improve Your Credit Score Going into the New Year

While you look back at your last 12 months of finances—looking at where you were on target

and where you may have slipped up—why not also take a look at your credit score and focus on

getting it higher? Invest some time in starting the new year on stronger financial footing by

following these tips for improving your credit score in 2011:

1. Understand the basics of your credit report.

2. Get a free estimate of your credit score.

3. Establish a pattern of responsible credit behavior.

4. Pay your bills on time.

5. Make more than the minimum payment when paying off long-term debts.

6. Don’t open too many new accounts.

7. Start paying off credit card debt rather than moving your balance to new cards.

8. Keep credit balances low in relation to your available credit.

9. Review your credit reports regularly.

 10. Contact credit bureaus if you spot any errors on your report.

Your credit rating determines everything from whether you qualify for a mortgage to whether

you can get a car loan. It can also help determine whether you'll be able to rent an apartment

or get a particular job.

Leon Trammell shares business experience in “How Underdogs Win”

Looking for a little inspiration during this tough economic time? Tramco founder Leon

Trammell has some insight to offer. He and freelance writer Brian Whepley have written “How

Underdogs Win” about Trammell’s experience in business (available at Amazon.com and

CreateSpace.com).

“It’s scary as hell to start a business,” Trammell says.

Several other companies share their stories for the book as well, including Wichita businesses

Hiller Inc., High Touch, Greenway Electric and Kansas companies Solomon Corp. and Cobalt

Boats.

Trammell founded Tramco in 1967. The company manufactures bulk material-handling

conveyors and does business in every state and 57 countries.

“I did not give myself a chance to fail,” Trammell says. “You just cannot have a failure plan. If

you have a failure plan, you’ll probably fail.”

So what’s his plan for success?

“You need a niche, and then be persistent,” Trammell says, quickly adding, “But you know,

being persistent is kind of elusive. I’ve been persistent on an investment I made, and it hasn’t

paid out.”

Trammell says you have to relentlessly pursue being excellent.

“Whatever you do you have to be the best at it,” he says. “You never share with your neighbor

a mediocre job on anything, do you? No, you share the good job. The good service. So you have

to be the best. Then it boils down to the Golden Rule. And I know that is hokey. . . . But you

have to treat people the way you want to be treated.”

Why bother?

“It’s allowed me to do things that I never dreamed I would do,” Trammell says. “I’ve been

successful far beyond what any of my friends ever thought I would,” he says. He says friends tell

him they’d rather be lucky like him than smart. Trammell says one friend told him, “You know,
Leon, you’re not any smarter than the rest of us. In fact, you might not be as smart. The

difference is you think about it and do it, and we think about it and don’t do it.”

Trammell says it is the doing that makes the difference. “They say opportunity comes knocking

on your door. Well, it doesn’t. You have to go searching for it.”

Bill Taylor
Weston County Extension Office

The University of Wyoming is an equal opportunity/affirmative action institution.