Record the credit card account number and contact information for all credit cards that you have. Store credit info safely – do not leave it in your wallet or purse. By doing this, if your wallet or bag is stolen, you will be able to quickly contact your credit card providers and report your credit cards as missing. The sooner you can report your lost card, the less likely it is that you will be held responsible for fraudulent charges.
Decide how you want to use your credit based on the cards that you have. If you have more than one credit card, sort them into daily use and emergency piles by finding out which ones have the most favorable terms.
Be sure to view your statements each month with great care. Be sure that all of your charges have been correctly noted and if they have done everything right. Also be aware of charges you didn’t make or ones that don’t seem right. As long as you are prompt, your credit card company should assist with any false charges or irregularities.
If you are trying to pay off and close some of your credit accounts, make sure that you leave at least one open, which helps to demonstrate a positive credit history. Leave the one that has the best payment record and the longest history opened. That shows lenders in the future that you have kept the account in good standing for a long time.
Don’t be tempted to pay off the balance on your card immediately after using it. Instead, pay your entire balance when you recieve your statement. Making this adjustment to your habits can provide you with a sound payment history and boost your credit score.
Do not get a rewards credit card unless you have already shown you can handle credit responsibly. These types of cards lure you into using a lot of money in order to get their rewards, and you could easily be in trouble if you’re not careful. When you are first establishing credit, you are better off with a low limit card than one offering rewards.
Never give anyone credit card numbers on the Internet or on the phone unless you know and trust the company. Be extremely suspicious if you receive an unsolicited offer which requests credit information. There are a variety of scams designed to gather credit card information from unsuspecting consumers. Tell them you will call them back to be sure they are legit. Find their number yourself.
Ask for lower interest rates or fees if you have missed payments. If you are late with your payment, the credit companies can and will raise your rates and tack on extra fees. If you contact the credit card provider, it is often possible to to get a reduction in these charges.
If you are shopping around for secured cards, stay away from prepaid cards. These cards are debit cards, and as a result, they are not reported to the large credit bureaus. These cards often have hidden fees, and act more like a checking account than a credit card. Put down a deposit instead, and acquire a secured credit card.
Check your credit card receipts right in front of cashiers. In this case, everything will be clear in your head and you should have any corrections made right away.
Monitor your credit card purchases to ensure you are not overspending. Unless you commit to a spreadsheet or notebook, it can be easy to lose track of where your money went.
It may be unwise to obtain credit cards immediately upon reaching the age of eligibility. While many people can’t wait to own their first credit card, it is better to fully understand how the credit card industry operates before applying for every card that is available to you. Learn more about adult life and adult responsibilities before getting a credit card, rather than impulsively signing up for a card.
As mentioned earlier, it is far too simple to get yourself in trouble with credit cards. A few too many cards, a few too many expensive purchases, and before you know it, you are in trouble! This article should prepare you for avoiding these types of situations.