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Credit Card Usage
Credit is one of your best assets. Always try to pay your accounts on time or let the lender know that there is a problem. I have had credit cards since I was very young and have the same ones today. Now I don't use them all but they are available if I need them. It is a good idea to use them on a rotating basis even if only for a small amount. I once couldn't use one that I had and it was simply because I hadn't been keeping it active. The bank wanted a new income form filled out to get it back again. Some credit councillors tell you to cut them up and throw them away. Well, the lender doesn't know you have done this, so they are still open. You should write them a letter if you wish to cancel them. Try to spend only the amount that you can pay in full when the due date comes. This way you are using the bank's money at no interest. You also won't get in over your head. If you do find yourself owing a large amount don't be afraid to use those special deals that are sent out where you can pay off one card with another. After all 2.9% is a lot less that say 19%. Read the fine print as some places may charge a fee for the transfer. Another thing you must do is pay the payment when due or their interest will go right up to the top again. Also, there is usually a time limit when the rate goes up to the full amount. Be aware of these things. Just remember that Credit Bureaus keep track of your debts and if you have bad credit you may not be able to buy that car or house in the future. Hope this is of help to you. |
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