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August 25th 2003

Tips for Good Credit

Author: Mike Wilson

Maintaining a good credit rating is easier than you think. But there are some things that you should know that will help aid you in this very important and ongoing process. We here at want you to be comfortable using your credit card in times when you need it most and not have to worry about getting yourself into trouble.


The following are some tips that we definitely feel will help you.

Tip number 1: Evaluate your purchases. If you cannot afford the purchase now, you probably will not be able to afford it in a month when the credit card bill is due.

Tip number 2: Know your annual fee(s). You are often times charged $50 or more just to have the card.

Tip number 3: Be mindful when you carry your balances. Many credit cards can charge at least 20% or more in interest. You can find your interest rate by looking for the Finance Charges located in the information package you receive with your credit card. (This is often overlooked which leads to a big surprise if the not taken note of.)

Tip number 4: Be careful with using cash advances this carries a high finance charge and interest begins accruing as soon as you take the money out, not after the next statement closing. So be sure you have an immediate way to make payments on this transaction and try to pay it off as soon as possible. (Remember interest in most cases works against you!)

Tip number 5: Be sure to examine your statement very carefully and call customer service right away if you feel something is not right. (The information for customer service or customer care is also in the packet sent to you with your new credit card.)

Tip number 6: Know the length of your introductory offer. If you receive a credit card offer through your email, mail or other it may expire in three or six months. Make sure you are aware of this and aware of the rate after this time period ends. Remember interest in most cases is not your friend and the credit card company will not forget this information so therefore neither should you.

Tip number 7: Interest on a credit card works against you. Use it wisely.

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Don't keep applying if you're declined. Too many applications will guarantee you to get declined. Creditors look on your report to see how many times you've applied. Pick the ones you think you can really get approved for.

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