Working on your credit…
Credit Card Applications are bountiful from the moment you turn eighteen they start arriving at your doorstep. Applying for a credit card is easy, what is not so easy is managing your credit and keeping you record in shape.
At the beginning when you are first starting out and you have a clean credit record, all kinds of offers will come to you, from instant approval credit cards, secured credit cards, College student credit cards, low interest, balance transfer, airline credit cards, credit cards for business, Credit cards from gasoline companies or Airlines and Hotels. The list is endless.
As you apply for a credit card and learn to manage you money and your debt, you choices will change depending on how well your able to manage your debt smartly.
Credit card offers will change according to how well you build your Credit Score. The better your credit score the better the credit card offers.
Building and maintaining a good credit score is not difficult. you start by comparing credit card offers and choosing the one that best fits your needs. A high credit limit is not always the determining factor in what is a good credit card, and the one with the lowest interest rate may not also be the best credit card. The following things are what you need to consider:
- Read the fine print.
- Do the math.
- What is the interest rate.
- What is the APR
- What is the annual fee.
- What is the rate for purchases.
- What is the rate for taking out cash.
- If you are late paying does it affect your interest rate.
- How often is the interest rate calculated.
- If you maxed out the credit card, what would be the monthly payment.
- What is the charge for going over your limit.
All these things need to be looked at before choosing a credit card. Do a spreadsheet, and compare several credit cards on each item, when you are done you’ll be able to make a smart decision.
But it doesn’t end there, once you have chosen and have your credit card in hand, no it’s not time to shop… It’s time to act responsibly.
- Only use your credit card on purchases that you know that you can pay off at the end of the month. That is the best way to use a credit without getting in trouble.
- If you need to use your credit card for a purchase that will take some time to pay off, plan ahead for your purchase, figure out the monthly and total cost of your purchase and if you feel you can afford it, go from there.
- Don’t make impulsive purchases, that is the surest way to get in trouble.
- Always know your credit card balance.
- Always pay on time.
In the end if you keep to these simple rules you will have good credit and will be enjoy the benefits of having a credit card. If you don’t there are still bad credit credit cards for those with bad credit, but it’s best not to have to go that route.
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