November 21, 2017
 
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Credit Card Offers—Don’t be Tempted by Credit Card Offers


It’s hard to believe consumers can get
credit cards without having a full-time job with a dependable income. Sadly this is the case. Not only do you not have to have a full-time job, credit card companies actually target students enrolled in college, who typically rely on parents for money. While there may be a few positives associated with credit cards—like establishing a credit history—you can keep it in check by keeping these tips in mind.

On Time, Every time:

Know when your payment is due and don’t be late—ever. Not only will you avoid late fees, it will positively impact your credit score. That might not seem like a big deal today, but late payments can cause trouble for you when a credit check is required, such as for a car loan, mortgage, new job, apartment and more.

Shop, Shop, Shop:
You have the power to determine who you want to have as your
credit card company. Take your time and shop for the card with no annual fee and the lowest APR. Also, read the fine print and know what fees will be—from cash advance to late payment.

Lower is Better:
It goes without saying—the lower the credit limit the lower the amount of debt you can incur. Contrary to popular belief, you have the power to decline a raise in your credit limit. Know what you are able to handle and stick to it. Most importantly, don’t exceed your limit.

Avoid The Cash Advance Temptation:
Cash advances will never work to your advantage. Not only are there fees associated with cash advances but the interest is usually higher than the APR you’re charged for regular purchases. Try to avoid cash advances and use cash or your ATM debit card instead.

Nothing is Free:
That free gift you were given to open your credit account really isn’t free. The company’s marketing data tells them that you’ll pay for that “free” gift many times over in interest and other fees. It’s a wise investment for them—don’t’ be tempted.

What You Don’t Know Will Hurt You:
Once you have credit it is your obligation to monitor it. Check your bills every month to ensure that the charges are correct and the APR hasn’t increased. If you notice any problems, call the company immediately to have it corrected. Monitoring your credit report is essential as well. Reporting companies do make mistakes. 

 

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