Sound credit card advice can be worth its weight in gold these days. The article below discusses some of the best ways to use credit cards and avoid pitfalls. Many people have cards that do not even understand the proper way to use them and this leads to bad debt.
Valuable Information For Credit Card Users And Applicants If you want a card but don't have credit, you might need a co-signer. A parent, friend, sibling or other trusted person with previously established credit can be a co-signer. Your co-signer will be legally obligated to make payments on your balance if you either do not or cannot make a payment. This is one of the best ways to land your first card and start building a good credit score.
Read This Valuable Information Before Getting Your Next Credit Card Exercise some caution before you start the process of applying for a credit card offered by a retail store. Even applying for a card with the store will reflect badly on your credit score if you're not accepted, and there's no sense in applying if you're not a regular shopper. A report that is peppered with too many credit inquiries like those made by retail stores can hurt your overall credit score.
Do not use credit cards to make purchases that are not affordable. Just because you want a new flat-screen TV, doesn't mean a credit card is the best way to buy it. The interest charges will be exorbitant, and you may not be able to make necessary payments. Leave the store and think it over for a day prior to making your decision. If you do decide to make the purchase, see if the store offers financing that is usually lower interest than your credit card.
Don't write your password or pin number down. Make sure you know your password so you ensure that only you have access to it. Writing your pin number down increases the chance that someone else uses it.
Do not lend other people your credit card for any reason. It could be your close friend, but it's still a bad idea to give it to someone. If they were to charge more to your card than you agreed to, for instance, the friendship could be damaged forever.
It is highly recommended that your credit card limits remain less than 75% of the total money you make every month. If you have gone above that amount, then you should plan immediately on how to lower your debt. This is because the interest you are paying will quickly snowball out of control.
Read This Valuable Information Before Getting Your Next Credit Card Once you have closed your credit card account, be sure that you completely destroy your card. It should go without saying that a failure to cut your card up and discard it properly could result in credit theft. Even if you throw it in the garbage, someone could pluck it out and use it if it's not destroyed.
Be sure that you are always checking the transactions made with your credit card. A good way to do this is to get mobile alerts. This way, irregular activity can be questioned immediately. If you see any such illicit activity, call your bank immediately or even the police if applicable.
The credit card tips in the article above should help to alleviate credit card fears. Credit can be very helpful when used in the proper way, so it is unnecessary to fear it. Just remember the tips you have learned here and your financial situation will be fine.