Let’s face it, in this day and age, people can use all the education possible on how to manage bank cards responsibly. Credit cards are a huge liability that can wreak havoc on your finances.Continue reading for great credit card tips.
To keep more money in your wallet, don’t be afraid to ask your credit card company for a better interest rate. Based on your history with your credit card company and your personal financial history, they may agree to a more favorable interest rate. All you have to do is make a phone call, and ask for a better rate that will save you money.
It is wise to have two to three different credit card accounts open. This can build up a credit score, particularly if you can pay off the cards each month in full. However, if you do open more than 3 accounts, a lender may think that’s no good when looking at your personal credit bureau report.
Many credit cards offer significant bonuses when you open a new card.
Watch your own credit score. Most companies consider a credit, or FICO, score of 700 to be the cutoff for good credit. Use your credit properly to maintain this level, or if you’re not there, use this method to reach this level. Once your score exceeds 700, you will end up with great credit offers.
Always make sure there is not a yearly fee attached to any credit card. Annual fees for high end cards can range from $100 to $1000 depending on how exclusive they are. If you will not use the benefits of an “exclusive” card, avoid fees and keep that in mind.
Credit Card
Lots of people think that not having credit cards gives them an edge. It’s important to have, at the very least, one card, so you are able to build your credit. Use the card to make a few purchases, and pay it in full each month. If you have no credit, your credit score could become lower and potential lenders cannot tell if you can manage your debts or not.
If you are having financial problems, it is important to notify your credit card issuer. If there is a possibility that you may have to miss one payment, by contacting the company that issued your credit card, which they usually do. This could help to save your credit score.
Do not buy anything with your credit card purchases on public computers. Only make purchases from your own computer to buy things online.
If your debt liability exceeds your ability to pay, your credit score is at risk. When this occurs, it can be difficult to get car loans, apartment leases, or maybe even employment.
Don’t make a written record of your pin or password. You need to just remember your password is so no one else can steal or use it.
Keep tabs on the status of your credit score. Most creditors think of 700 the lowest number you can have while still being considered to have good credit. Use your credit wisely to maintain that level, or if you’re not there, use this method to reach this level. Once your score hits 700 or above, you’ll be offered excellent credit offers with very low rates.
Check old credit card accounts and try closing any that aren’t in use. Closing old accounts makes certain that no one can use them fraudulently. It is possible to close accounts that have balances, as well. Just keep making the payments until the cards are paid off.
Carefully review all statements you get from your credit card statements. Report errors and mistakes to your credit company as soon as possible. This can help to prevent you from paying too much and it might just save your credit score.
Never send a fax any credit card details to anyone. A fax may be left in an office for a long time and your information could be stolen by anyone. Any one of the workers in the office could unknowingly be a thief. This leaves you wide open to fraud and all of the financial headaches associated with it.
Keep a close eye on your credit report to make sure everything is in order. It is a great way to see how others handle your accounts as well. Try to note any cases of reporting errors. If you find one, speak with your credit card institution and credit bureau.
As said in the beginning, the ups and downs of the financial world can be confusing to consumers. Apply what you’ve just learned here, and be wiser about using your charge cards in the future.