In the modern world, having good credit is almost a necessity, but managing credit card debt presents some pitfalls. There are things to watch out for. Credit cards are a great service when used properly. Continue to read this article and you will learn some great tips that can help you.
Speak with the credit card company right after you see a charge on your statement that you did not make. The sooner you report it the sooner you give credit card companies and the authorities to catch the thief. It also ensures you are not responsible for any charges made on the lost or stolen card. Fraudulent charges could be reported through a phone call or through email to your card provider.
Never get rid of an account for a credit card prior to going over what it entails. Many times, closing an account leaves a negative mark on your credit record, and should be avoided, even if you do not plan to ever use the account again. In addition, if you have cards that make up a large portion of your entire credit history, try to keep them open and active.
debt consolidation Keep careful record of your charges to be sure that you can afford what you spend. It can be easy to run up a huge debt without realizing it, unless you keep tabs on how much you're spending.
credit repair When you receive any credit card correspondence, whether in the form of a letter or email, take the time to read it. Creditors are always allowed to change certain things about your fee schedule if they let you know about it in writing. If you don't wish to be subject to those changes, you can cancel the card.
To cut your interest payments, do not hesitate to phone your credit companies and ask for better interest rates. If you have an established history with the company, and have made timely payments, you may be able to negotiate a better rate. Picking up the phone may be all you need to improve your interest rates.
You should never jot down your password or pin number, regardless of the circumstances. It's crucial to remember all of your passwords so you're the only one who can access your accounts. If you write down these passwords or pins, you could potentially give someone who you do not want to have access to your accounts an open door to them.
Talk over your interest rate with the company that issued your card. It is always possible to negotiate with a card issuer to secure a better rate. You can probably get a lower APR by requesting it, presuming you have been a good customer who makes timely payments.
Once you've closed your account, destroy your card and related information. If you let your child use it as a toy, or simply toss it in a drawer, it could wind up in the hands of someone else, who could then use the information from the card to reopen your account and make purchases.
As was previously mentioned in the article, credit cards can be complicated and frustrating for a variety of people to deal with. However, with the proper advice or tips, dealing with credit cards is way easier than you might expect. Use the tips in this guide to aid you in dealing with your credit cards better.