Each summer millions of people rush to the gym to improve their health and physical image in preparation for fun times in the sun. However, what’s a great outer appearance if your financial stress is eating cutting years off your life expectancy? However, don’t give up your exercise regimen; just begin some simple but good financial exercises to sharpen your financial literacy quotient and improve your credit scores.

1. Read the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681. Reading the FCRA will give you a better understanding of your rights as a consumer and credit holder. In addition, the FCRA provides the acceptable procedures to inquire on issues concerning mistakes and inaccuracies on credit profiles with creditors and credit reporting bureaus.

2. Review your credit report for accuracy – The summer’s a great time to review your credit profile and report, especailly since over 70% of credit profiles contain errors. Check for any inaccuracies and dispute these mistakes found to the appropriate credit reporting bureaus immeidately. In addition, if late payments appear on the credit report that do not coincide with your budget records or check register, review your older statements for previously unnoticed late charges. Challenge any and all inconsistencies immediately, so that your credit profile is always portrayed accurately…you never know when you may need access to credit, but not have the time necessary to fix the reported inconsistencies.

3. Remember to keep the balances of revolving credit accounts below 40% of the available credit allowed by the creditor. Your credit scores are partially tabulated by the ratio of available credit to total debt. So if your credit balances are higher than your available credit, then your credit report will reflect a lower score. Carrying higher balances illustrates a higher need for credit to manage one’s finances and is a sign of poor debt management and financial planning. In addition, the summer time is a great excuse to “throw” something on the credit card, but remember the rule that if the price is too much to pay in cash, then it is probably too expensive to place on a credit card as well.

4. Create a summer budget that will allow you to happily experience your summer, eliminate debt and encourage saving. You know the vacation you want and the costs associated, so create a save and plan for the vacation, while maintaining your living expenses. Remember that there are seasons that will follow the summer and you don’t want to face them with a depressed budget and declining credit scores.

5. Pay all creditors before leaving for a vacation….whether the payments are due or not. Timely payments make up about 30% of one’s credit score. Vacations can offer a plethora of excuses why one should “go for it” on various expenditures and abandon budget boundaries. Imagine coming home from paradise to late-fee riddled, overdue credit statements because that para-sailing offer from your vacation guide was too good to turn down or the credit card statement arrived the day after you left for a 2 week vacation.

6. Place the gym membership on hold during the summer. It’s nice outside and there’s plenty to do to burn calories. With the membership savings, one could pay down the balance on a credit card on which the membership is billed and buy a fitness book on exercises done outside of a gym. In addition, don’t forget to place any monthly billed memberships on hold before going on vacation. If you’re not in town and unable to use these membership, then save that membership fee until you are back home and extend the expiration date.

With a little planning, pushing and pulling you can get yourself in great shape above and below the belt and enjoy your summer with good looks and peace of mind.