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Credit Smarts: Using Your Card Intelligently
submitted: Jul 19th 2008 |
by: DanJervas
Total views: 5 |
Word Count: 469 |
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You've just gotten a new credit card with an unbelievable limit and you're excited. But wait a minute. Don't rush to the mall for that fantasy shopping spree just yet. You should learn a few important tips and recommendations so you can avoid a major credit meltdown later on.
Is your new credit card for "emergency use only"? If that's the goal, it's necessary for you to define what type of situation will be considered an "emergency." Perhaps it's a leaking pipe flooding the basement. Or it could be the Annual Shoe Blowout at the Super Shoe Warehouse. No matter what, you should decide on the card's purpose and commit to it.
You might have obtained this card to try to improve your credit rating and score. If you are young and planning to make a major purchase in the future, this is a smart idea. Make sure to use the card in a way that will help your efforts instead of hurting them.
A great way to maintain an excellent credit record is to pay the full balance owed every month, and to pay it on time. You'll prove that you are responsible and you won't have to pay high interest fees. To prevent yourself from accumulating debt, set a budget and don't stray from it. You should only spend what you can comfortably pay for, without having to utilize your savings account.
Some people feel the need to look at their credit record on a monthly, weekly, or even a daily routine. It's wise to carefully observe your report to detect any fraudulent activity. However, you should do it responsibly. It's best to check through one of the three major credit bureaus. You can actually hurt your score if you constantly check though a credit lender. You should only check through a credit lender if you're actively trying to get credit.
A common credit pitfall is regularly counting on credit cards instead of savings to make ends meet. Doing so will lead to deep, long-term debt, and should be avoided at all costs. The purpose of having a savings account is to have a nest egg for the future or an umbrella for a rainy financial season.
Credit cards are convenient for shopping anywhere around the world. Thanks to the internet, we have a new global shopping mall, where it's easier than ever to find almost anything and have it delivered right to your door. To avoid fraud, scams, and identity theft, make sure that the site from you're ordering from is secure when using your card online. These incidents can cause permanent, irreparable damage to your credit.
Once you know the basics of smart credit card use maintaining a healthy credit score and staying out of debt will be a piece of cake. You're now ready to go out there and start charging!
About the Author
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Article Source: Unique Financial Articles
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