Credit cards may make or break you, when it comes to your personal credit. Not only can you use them to help build up a great credit score and secure your future finances. You may also find that irresponsible use can bury you in debt and ruin you. Use this article for great credit card advice.
Be sure to limit the number of credit cards you hold. Having too many credit cards with balances can do a lot of harm to your credit. Many people think they would only be given the amount of credit that is based on their earnings, but this is not true.
Make sure that you make your payments on time when you have a credit card. The extra fees are where the credit card companies get you. It is very important to make sure you pay on time to avoid those costly fees. This will also reflect positively on your credit report.
A key credit card tip that everyone should use is to stay within your credit limit. Credit card companies charge outrageous fees for going over your limit, and these fees can make it much harder to pay your monthly balance. Be responsible and make sure you know how much credit you have left.
Use caution when using your credit cards online. When applying or doing anything with credit cards online, always verify that the website you are on is secure. Secure websites will keep the credit card information you enter safe. You must always disregard email messages seeking credit card information.
Almost everyone has had this happen. Getting one envelope after another in our mail from credit card companies, imploring us to sign up with them. Sometimes you are in the market for one, and often times you may not be. Don’t just throw this mail away, shred or rip it up. This is because many solicitations include your personal information.
Know your credit history before applying for new cards. The new card’s credit limit and interest rate will depend on how bad or good your credit history is. Avoid any surprises by getting a report on your credit from each of the three credit agencies once a year. You can get it free once per year from AnnualCreditReport.com, a government-sponsored agency.
A lot of experts think that you shouldn’t have a maximum limit on a credit card that’s more than 75% of what you make a month. If your limit is higher than this, try to pay it off quickly. If you don’t the interest you pay could quickly get out of control.
It is wise to refrain from giving a credit card to a child. It is best to let children wait to get credit cards until they reach the age of 18, or when they can get their own. Instead, consider opening them a checking account and giving them an allowance. This will help them learn to manage a small amount of money so that they will be ready to manage a credit card when the time comes.
Never allow yourself to open too many credit card accounts. Instead, find two or three that really work for you and stick to those. Having too many credit cards can harm your credit and it makes using money that you do not have that much easier. Stick to a couple cards and you will remain safe.
Every time you use a credit card, think about the extra expense that it will incur if you don’t pay it off immediately. Remember, the price of an item can quickly double if you use credit without paying for it quickly. If you keep this in mind, you are more likely to pay off your credit quickly.
Once you’ve closed your account associated with your credit card, remember to destroy the card completely. 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.
Report a missing card immediately to your credit card company. You could be held responsible for charges placed on the stolen card before it is reported as missing. Once you report your stolen card, the company won’t charge you for its future use.
If you want to avoid losing a credit card, you will have to use it on a regular basis. If you have an unprofitable and inactive account, your credit card provider has the right to eliminate your account with minimal warning. Try to use your card to pay for what you can afford so that you can pay that off immediately.
As mentioned earlier in this article, credit cards can make or break you and it is up to you to make sure that you are doing all that you can to be responsible with your credit. This article provided you with some great credit card advice and hopefully, it will help you make the best decisions now and in the future.