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Looking For Credit? Check Out These Tips For Selecting The Right Card For You!
What do you think of when you hear the word credit? If you start to shake or cower in fear because of a bad experience, then this article is perfect for you. It contains many tips related to credit and credit cards, and can help you to break yourself of that fear!
Be wary of late payment charges. Many of the credit companies out there now charge high fees for making late payments. Most of them will also increase your interest rate to the highest legal interest rate. Before you choose a credit card company, be sure that you are fully aware of their policy regarding late payments.
Check your credit report regularly. By law, you are allowed to check your credit score once a year from the three major credit agencies. This may be often enough, if you use credit sparingly and always pay on time. You may want to spend the extra money, and check more often if you carry a lot of credit card debt.
When you are looking over all of the rate and fee information for your credit card make sure that you know which ones are permanent and which ones may be part of a promotion. You do not want to make the mistake of going for a card with very low rates and then they balloon shortly after.
To make the best decision regarding the best credit card for you, compare what the interest rate is amongst several credit card options. If a card has a high interest rate, it means that you will pay a higher interest expense on your card’s unpaid balance, which can be a real burden on your wallet.
If you find that you have spent more on your credit cards than you can repay, seek help to manage your credit card debt. It is easy to get carried away, especially around the holidays, and spend more than you intended. There are many credit card consumer organizations, that can help get you back on track.
Make a realistic budget plan. Simply because a card issuer has given you a spending limit, you should not feel obligated to use the entire amount of credit available. Know how much you will be able to afford to pay for that month so you can pay it off each month to avoid interest payments.
Every time you decide to apply for a new credit card, your credit report is checked and an “inquiry” is made. This stays on your credit report for up to two years and too many inquiries, brings your credit score down. Therefore, before you start wildly applying for different cards, research the market first and choose a few select options.
Never make purchases with your credit card, that you cannot afford. If you want a big ticket item you should not necessarily put that purchase on your credit card. Paying huge amounts of money on interest is not smart and should be avoided. Leave the store, think over it for a day or so, and then make your decision. If it is still something you wish to purchase, check with the store, as their in-house financing may offer lower interest than your credit card.
How do you feel now? Are you still scared? If so, it is time to continue your credit education. If that fear has passed, pat yourself on the back. You have educated and prepared yourself in a responsible manner.