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Preventing damage to your credit rating

master-creditcardUseful as they may be, credit cards can also deadly.  Deadly to your credit rating that is.  If you have credit cards, don’t do these things to damage your credit rating.

  • Not monitoring your credit report and profile.  It is so important to keep a watchful eye on that.  Anything can go on the report and damage it. Identity theft is on the rise, meaning that someone else could be destroying your information without you knowing it.   You are entitled to one free credit report from all the big agencies, Equifax, Experian, & TransUnion.
  • Not paying your bills on time.  With online payments with virtually everything nowadays, there is no excuse to not have your bills paid on time.  Setting up recurring withdrawals from your bank account is easy to do.
  • Using your credit card for cash advances.  Credit card cash advances cost more money with the interest rate.  If you don’t pay off your cash advance immediately, your interest rate will follow you until that has been paid.
  • Going over your limit.  You have a limit for a reason.  Don’t go over it.  If you have $100 left on your limit, and you purchase that thing for $99, you are not calculating in fees and interest rates which will push you over your limit.  Yes, that thing that you absolutely cannot live without, can be purchased after your balance has been lowered.
  •  Stop with the plastic madness!  You do not need to have all those credit cards.  I don’t want to hear about all the offers they send you, no.
  • Don’t close that account just yet.  You will still be responsible for any balance that’s left on the credit card and just by using that card once a month for a minor purchase and paying off that purchase immediately, can keep your credit score in good standing.
  • Signing without reading.  So many people are ready to sign to get that new credit card they’ll sign just about anything to hold that plastic.  Don’t.  Read the fine print first because you’ll be agreeing to their terms and conditions, including late fee charges, interest rates, and all that other good stuff.
By following these few tips, you can save your credit rating. Content provided by Transformer Marketing.
Shawna Kreis
Other articles by: Shawna Kreis
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