December 31st, 2008
Tips For Good Credit Health
Sometimes all it takes to build on good credit health is a few simple tips. Follow these few simple tips for good credit health and you will be better able to take care of yourself financially.
Keep Track Your Expenses
Most banks and credit cards offer online banking or some other way to track spending. The more you are able to keep track of your expenses, the more capable you will be of having a handle on your finances, allowing you to take care of your credit.
Separate Business and Personal Expenses
Getting a business credit card, even for small internet businesses, will reap rewards later on. Make sure that your personal expenses and business expenses are kept separate from the beginning.
Do Not Close Paid Off Credit Cards
This will negatively affect your available to debt ratio, which will lower your credit score over time. Instead, use these paid off credit cards for small expenses and pay them off completely every month.
Clear The Biggest Balance First
That way, you will save more in the long run. Pay attention to the credit cards with the highest interest and pay these off sooner as well.
Negotiate Everything
It never hurts to ask to remove late fees. Credit card companies like to keep their customers, and will typically do what they can to rope you back in, so ask for late fees to be removed when you fall behind and you may just get your wish.
The Danger of Two-Cycle Billing
This practice of considering earlier months will cost you a lot more in the long run, so avoid it if you can. Stick to the normal billing cycle, it works for a reason.
Sign Your Card
If your credit card is unsigned, then a thief will have no problem signing it and making it their own. Make sure that your credit card is signed in YOUR name to prevent it from being stolen.
Personalize Your Card
Take advantage of a chance to make your credit card your own by personalizing your card. Personalized cards are more fun to use, and may help you remember to keep them paid off.
Make One of Your Cards a Discover
There are quite a few places that will only accept Discover cards. Make one of your cards a discover card so that you can have a credit option for any and all occasions.
Pay More Than Minimum
This will save you from having to pay roughly three times what you borrowed in the long run. Never simply pay the minimum balance, but pay at least double the minimum balance every month to get ahead of your credit card debt.
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