1. Building Credit
If you don’t have a credit history, you won’t have a good credit score. A credit score is a number that rates your credit risk. Creditors use it to determine whether to give you credit and what terms to offer you. Having a high score can make it easier for you to get a loan, rent an apartment, or lower your insurance rate. Having a properly managed credit card increases your credit score.
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Rewards, Debts and Interest: A Complete Guide to Credit Card Management
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Writer, artist, Accountant and a forever learner. Learning, loving, Hoping.
These ideas help to understand why credit cards remain a popular means of payment despite being a form of debt.
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Week 1: Optimize Your Credit Cards
A great place to start because it can have a big impact on your finances:
- Set up autopay to pay your CC bills
- Call to waive any past credit card fees
- Negotiate a lower APR
- Build credit history by keeping credit lines open
- Increased your credit allowance
Factors that make up your credit score
- Late or missed payments will drive down your credit score and remain on your record for seven years.
- Credit utilization is the percentage of available credit you're currently using. If you use more than 30% of your available credit, scorin...
Credit Card Debt
The trickiest form of debt, which is literally bleeding our finances, is the credit card debt. Make sure you know what the interest rate being charged is. Know that a 2% interest rate per month is actually 24% per annum.
If you stay out of debt by paying the total due on t...
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