Great Advice For Using A Prepaid Credit Card
Posted at by CreditWiz on category Credit CardsConsumer advice can be a little hard to come by these days, especially in regards to credit cards. In the following article, you will find information regarding the proper use of credit cards and ways to prevent problems. A lot of people have a credit card and mismanage it and they endure financial difficulties as a result.
Only open retail store cards if you shop there on a regular basis. Every credit inquiry impacts your credit score, even if you do not end up getting the card after all. Too many inquiries on your credit can lower your credit rate.
Sign each credit card as soon as you receive it, as most people don’t do this, which makes stolen cards very easy to use. Lots of merchants make the cashier verify that the signature matches in order to ensure your card is safe.
It may not be a great idea for someone to get credit cards when they turn 18. Most people do this, but your should take a few months first to understand the credit industry before you apply for credit. Get a little bit of adult experience under your belt before making the leap.
Make sure that you do not order any credit cards in the mail if you do not have a lock on your mailbox. Many credit card thieves say they got their cards from unsecured mailboxes.
Save money by asking credit card companies to offer you a lower interest rate on your charges. If you have a good payment history with your creditor, you might be able to get better interest rates. Picking up the phone may be all you need to improve your interest rates.
Do not let anyone borrow your credit card. Although you might be tempted to help out a good friend, lending out your credit cards is not a good idea. Doing so can cause over-limit charges when someone else charges more to the credit card than you said he could.
Verify the legitimacy of an online seller before using your credit card on their site. Call the company to talk with representatives and never buy from a merchant that does not provide a physical address.
Have a list you keep of all your credit card accounts by number as well as the lender’s contact numbers. Leave it in a safe area and keep it separated from credit cards. Use this list to contact your credit card issuers if your credit cards are ever lost or stolen.
When you open a credit card account, try to keep your account open for as long as possible. You do not want to switch to different accounts unless it is absolutely necessary. The length of your history with a creditor is one factor in your credit score. Keeping accounts open for as long as possible will help build credit.
Stop yourself from using credit cards for dining out or for buying groceries, because they may not appear on your statement for quit some time, and you may end underestimating the balance you still have available. You could then overspend, as you will think that your credit card’s balance is lower that what it actually is.
Once you’ve closed your account, destroy your card and related information. Do not just leave it lying around or let your children use it as a toy. If the card falls into the wrong hands, someone could reactivate the account and leave you responsible for unauthorized charges.
One way to stop yourself from using a credit card on a whim is to position them behind your bank cards in your purse or wallet. You will find that in the case that you are in a hurry or are less attentive, you will be using your debit card as opposed to making an unintended charge on your credit card.
As the article said in the beginning, it is easy to start getting into debt when you don’t know how to use a credit card. With multiple cards, and multiple pricey purchases, you will find yourself in deep trouble. The advice you have read here can help you avoid these problems and keep your credit history healthy.