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Credit Cards - A Blessing or a Curse?
Owning a credit card can be quite an advantage. Whethermaking online purchases, booking an air ticket or a hotelroom on the phone or simply being in need of someemergency cash, having a credit card can be a big help.However, getting a credit card is also a hugeresponsibility and if you don't keep an eye on yourspending habits, credit cards can create some seriousproblems. Here is an excellent list of tips on propercredit card use and if you follow these, you will likelystay out of trouble and your credit card will be ablessing instead of a curse: 1. When you make a purchase with the credit card, itis akin to taking a loan from your bank. What youhave borrowed has to be returned - so do not borrow beyondyour capacity to pay it back. 2. Always maintain a record of your credit cardbalances during a month so that you are aware of what youhave already spent. This will help you evaluate if you canmake any more purchases in that month as even smallpurchases can add up to large balances. 3. Retain all receipts at least untill you can comparethem to the credit card monthly statement. If somepurchases do not match or if some charges are higher thanthose on the receipt, immediately contact your credit cardcompany. 4. Never give out your credit card to anyone! This includespeople in your family and any of your friends. It is notthat you cannot trust these individuals, but you cannottrack purchases you are not even making. 5. When you charge more than you can repay, a lot cango wrong. This can limit your future potential of gettingany kind of credit, including car loans, home mortgagesand other forms of loans. 6. Pay your credit card bills on time or even beforethey are due. Doing so will not only help improve yourcredit scores, but also help avoid additional costsassociated with late payment charges and accrued interest. 7. Pay your credit card bills in full every month.This is easy to do if, based on your income, you establisha monthly budget for your credit card purchases and thennot exceed that. 8. Keep your credit cards for new purchasing. don't pay onecredit card bill with a different credit card. This willinevitably lead to more charging and higher balances. Connie Gutchrif is the President and Editor ofFN Credit - An excellentresource for information on credit. To learn more, be sureto visit: http://www.fncredit.com MORE RESOURCES:
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GOOGLE SEARCH 7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit There are seven consumer credit laws you should be aware when dealing with your credit.1. What Can Happen to You as a Victim of Identity Theft, Facts & Figure Is identity theft really that serious? Thousands of people every year are victims of this terrible crime. Thieves use your personal information to commit fraud or other crimes in your name and can cause significant credit damage. What Is A FICO Score? A credit score is most commonly known as a FICO score. FICO stands for Fair Isaacs Corporation. SuperCharged Secret 4, Credit Card Utopia YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's just take a brief moment to recap:If you've been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 3 very important things:You now know how to take advantage of zero to low interest credit card offers.You now know that there is safety in numbers, and you know the magic "Who's Who" of the major credit card companies. Which Credit Bureau Should I Use To Check My Credit Report? There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Online Credit Report and Online Credit Reports Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go on the Internet and look at your online credit report. The Things That UK Lenders Like to See on Your Credit File, (and? What They Don't Like to See!) Lenders are quite fussy about what they like to see on your credit report. So much so that you will have a hard time to meet their high expectations. Rewards Cards - Are They Right For You? Rewards cards have become the latest rage in the credit card industry. In the past, consumers shopped for credit cards that offered the lowest interest rate. Credit Cards: What is the Universal Default Clause? Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or twice is also aware that doing so may cause the interest rate on their card to go up - sometimes by quite a lot. Understanding Your Rights Under The Equal Credit Opportunity Act It wasn't all that long ago that lenders blatantly discriminated when it came to approving credit for women and minority groups. Women were actually asked personal and demeaning questions like, how many children do you plan to have in the future or are you on birth control?Despite the fact that they were entering the workforce in record numbers, single women were often required to get a cosigner or denied credit altogether. Bankruptcy Myths Busted The average American knows very little about bankruptcy. Most people probably are aware of bankruptcy's ability to dissolve debt and give the debtor a fresh start. Can You Acquire Good Credit Overnight? You Bet Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit bureaus : Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. 14 Common Credit Mistakes Establishing credit and wisely managing your credit becomes easier when you know how. You'll feel empowered by taking knowledgeable steps towards good credit, and you'll be on your way to purchasing real estate and greater financial freedom. Fair Credit Reporting Act: What You Should Know About It? The Federal Fair Credit Reporting Act (FCRA) is designated to promote accuracy, fairness, and privacy of information in the files of every "consumer reporting agency" (CRA) or Credit Bureau. Learn what the law says and repair your credit today!Most CRA are credit bureaus that gather and sell information about you, such as if you pay your bills on time or have filed bankruptcy. Do You Want to Get a New Credit Card at a Great Rate? 1) Do your homework. Applying for and getting approved for a credit card is nothing more than legwork. Credit Repair Companies and Credit Counseling Let's be crystal clear, right up front. Paying someone to "fix" your credit is a waste of your time and money, since the negative issues that are temporarily removed from your file will only reappear again in a couple of months. Credit Card Dirty Tricks There are many of us that have been badly stung by credit card companies that have charged exorbitant fees to use their credit cards. Several years ago an APR of 25% to 29% was common place which in simple terms means that if you borrow £1,000 your interest on that money would be £250 to £290 a year. Discover the Parts of a Credit Report and What They Mean So you ordered a copy of your credit report to check for inaccuracies and get the most from your credit score. Now how do you read it? Your credit report is read and used by any number of people you deal with on a daily basis, from your landlord to your employer to a potential lender. How To Establish Great Credit Building a good credit history is important. If you have no reported credit history, it may take time to establish your first credit account. Good vs. Bad Credit Debt Do you know the difference between good and bad credit debt? Most everyone seems to think that all debt is bad, but that is not always the case. In fact, there are some instances where good debt can actually help your financial situation. |
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