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October 3, 2011 / fivehundredeightysixsqft

Creditz

Luckily, tonight I had extra time to catch up on homework, oh and make this blog. For my speech class I had to write a “how to” speech. My preliminary idea list included everything from testing Mika’s I.Q. to obtain a permit to carry license. After talking with a few classmates I determined that they preferred something  they could really use. So I wrote about something bland. Credit cards. I don’t have one. I don’t think I can handle it to tell the truth, but I’ve seen it destroy many of my friend’s and family’s bank accounts, so I decided to write a precautionary tale. Because apparently this information is not entirely common sense, I thought I’d post some findings here.

Credit Tips:

  • Know what you are applying for before you get stuck with a high APR or a rewards system you can’t use.
  • If you can, never just pay a minimum balance. It can come back to bite you with interest.
  • Know when your bills are due, and budget wisely, so you never get a bill you can’t pay.
  • If you can’t afford it don’t buy it.
  • Credit cards can actually help your credit. A helpful tip to raise your credit– up your credit limit but don’t use it.
  • Fix errors in your credit
    report. Check your score at Equifax, Experian and
    Transunion (the three major credit report agencies).
  • Automate your monthly payments to avoid late bills.

It’s important to know what card you want to apply for and what you’re getting into.

An intro period is when you first apply for the card the company will offer, low or no interest for a period of time, before it will begin to charge you interest. This can help with big purchases, and give you time to pay it off without interest.

Some cards do have an annual fee, of course you should know if yours does or does not, so you are not surprised when you get the bill.

Know how much your late fee will be incase you have to pay it late. These fees can pile up and put you in debt.

Just some helpful tips for anyone considering getting a card, or scared of using the one they already have

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