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Helping You Wade Through The Murky Credit Card Waters

May 26, 2015 · by admin2014 ·

TIP! It is a good idea to have a couple of open credit cards. That will assist you in building up your credit score; this is especially true if you can pay the cards off each month.

Let’s be honest, in today’s society, people can use all the education possible on how to manage charge cards responsibly. Charge cards can really get you into trouble, although if used correctly they can benefit you greatly. If you want to find out how to make use of credit cards responsibly, check out the following suggestions.

TIP! Don’t cancel a card before assessing the full credit impact. Many times closing an account can lower your credit score and will show up negatively on your credit report.

You should try to have at least two open cards or possibly three open credit accounts. That works to build a stable credit history, particularly if you repay balances in full each month. If you have more than 3 credit cards however, that might not look right to a lender who looks as your credit report.

TIP! In order to keep your spending under control, make a record of the purchases that you make with your credit card. If you do not consistently write down every single credit card purchase, you can easily lose track of how much you have spent and the new balance on your statement will come as quite a shock.

Set yourself a budget you can stick with. Remember, your credit card’s credit limit is not a target to aim for. Understand the amount you can realistically afford each month so that you will not incur interest charges.

Credit Card

TIP! If you want to get a credit card but do not have established credit, consider finding a co-signer. Anyone who has good credit can be your co-signer.

Check over your agreement, and make sure you understand all the terms before using your credit card. In most cases, using the credit card for the first time means you agree with all the terms. The print on the agreement may be small, but it is important to read it carefully.

TIP! Do not depend on your credit card for buying things that you truly cannot afford. You might want a flat-screen television, but that doesn’t mean that you should use your credit card to buy it.

Make sure you completely understand credit card terms before you sign up for the card. You might find the annual fee, interest rate or other details are more costly than you originally thought. The only way you can fully comprehend a credit card policy, is by reading every inch of fine print.

TIP! Do not lend out credit cards under any circumstance. It’s a bad idea to lend them out to anyone, even friends in need.

If you are seeking a new card you should only consider those that have interest rates that are not very large and no annual fees. It doesn’t make sense to pay an annual fee when there are many credit cards that charge no fee.

Avoid ordering your charge cards via mail if your mailbox doesn’t lock. Credit card thieves have admitted to taking cards out of mailboxes that were unlocked.

Credit Card

TIP! Skip using your credit card for food items as this can take longer to post on your bill than other debts, which will make keeping track of your finances more difficult. If you think you owe less than you really do, you can end up overspending and even going over your credit card limit.

Be careful about making online purchases with your credit card. Check out the security of the site prior to putting in your information. This is the best way to keep all of your personal information safe. In addition, do not respond to email requests for credit card data; they are not legitimate.

TIP! Don’t send your card number to anybody. A fax may sit in a person’s inbox for a while which exposes your card number to anyone in the office.

Credit card experts suggest that your credit limit should not be more than three-quarters of your monthly earnings. If your level of debt exceeds your monthly salary, then you need to focus your efforts on paying it down right away. This happens when the interest builds up it becomes too hard to pay back.

Credit Card

TIP! Those with secured credit cards may be able to upgrade to an unsecured card if you have been in good standing for some time. If you’re a loyal customer who pays on time, the company may start mailing you unsecured applications.

A secured credit card may be an option you want to look into if your credit score is in trouble. These cards require balances as collateral. What these cards let you do is borrow money from yourself and you will pay interest to do so. This is not a great situation to be in, but it can be a way to dig yourself out of a credit hole. Choose reputable companies when you sign up for secured cards. Down the road, you may even be able to switch to an unsecured (regular) credit card.

TIP! Before you open a credit card account, be certain you possess the necessary self-control. Some people are tempted to spend way more than they can afford when they first get a credit card.

As previously said, consumers tend to be alone with their finances and generally fall into very high interest rates because of the card companies! Use the tips here to avoid the pitfalls of using credit cards. Having good credit is important, and knowing how to handle a credit card is one of life’s challenges. You should be armed to handle it.

Filed Under: credit card · Tagged: annual fee, charge cards, credit cards, credit limit, interest rates

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