When it comes to credit cards
MORE IS NOT BETTER . . .
AGE OF THE ACCOUNT
ON TIME PAYMENTS &
AMOUNT OF MAX LIMIT CHARGED
MEAN EVERYTHING
- 3 - 6 CREDIT CARDS ARE ALL YOU WANT ON YOUR REPORT.
- KEEPING YOUR CREDIT CARD BALANCES UNDER 35% IS IDEAL.
- CHARGING YOUR ACCOUNTS TO THEIR MAX LIMITAND KEEPING THE BALANCE UP THERE IS CREDIT SUICIDE.
- THE LONGER YOUR CREDIT ACCOUNTS ARE OPEN THE STRONGER INFLUENCE THEY ARE ON YOUR REPORT.
Having open credit card accounts can enhance your credit a great deal, however when mishandled, credit cards can literally destroy your credit with a quickness, and even cause Bankruptcy!
Simple strategies are all it takes to make sure your credit cards are a positive asset.
- Maintain your balances at or below 35% of the maximum allowed credit on each card.
- Limit the amount of credit cards you carry - 3 to 6 open lines are good.
- The longer you keep an account open, the more value is added to your credit score - the more strength the account adds to your credit report!
- Never pay your credit card payments late, especially not 30 days late! Your score will drop like a brick off the top of the Empire State Building!
- Know exactly what your late fee's and other terms of your credit card agreements are! It may be worth looking into better offers with lower rates when you have decent increases in credit score, don't be hasty to close the accounts you have until some time has built up on your new accounts. Remember the longer you maintain open accounts the better. If you have a jump in score, closing all your accounts and opening new accounts eliminates the strength that raised your score in the first place.
Basically, stay on top of your game, know what you are dealing with, and the hardest part, don't get carried away with purchases! Keep in mind good credit will allow you to have many things at less cost to you if you stay in the game!
Below is a great site to review credit card offers, as it tells you what level of credit score you are required to possess to be approved for each credit card offer, what bonus programs are available; such as travel miles or cash back on purchases, or if you have a 0% a introductory rate available on the credit card offer you are applying for.
Click on the link below to browse what credit offers are available to you. Remember you do not want to 'shop' credit card offers by applying several times and risk lowering your credit score. This site allows you to get the details BEFORE you apply!
Building positive credit entries on your credit report with credit cards can be easy when you know what your doing! There are stipulations that can cause consumers to lower their credit score while they are applying for credit cards, so for those that have little credit, no credit, or bad credit, you are going to want to know how to know the in's and out's of getting new lines of credit - applying for credit can actually lower your score - check this out!
The link below is definitely something you are going to want to check out! There are now a few laws that have been put into effect that are going to help credit cards holders keep more money in their pockets! Finally someone called their bluff on some of their nifty tricks! Check the site out below for a quick read on the details!
** WHAT THE NEW CREDIT CARD LAWS MEAN FOR US . . .**