Tips for first time credit card users
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June 30, 2016
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July 2, 2016
Tips for first time credit card users
Here are the tips for credit card users . stay far away from cash advances and convenience checks, which tend to have much higher interest rates. A CreditCards.com survey found that interest rates typically ranged from 9.99% to 36%.
3. Just one late payment could ding your score
If you haven’t taken deadlines seriously before, now is the time to break that habit. Whether or not you pay your bills on time is one of the first things lenders will look at. In fact, your credit payment history accounts for 35% of your FICO score. Some of the account types that are reviewed for payment history are credit cards, finance company accounts, and installment loans. Freeman says it’s best to send funds electronically so that you can keep on top of payments. When you have payments automatically debited from your bank account, this will ensure timely receipt of funds and reduce your chances of negative marks on your credit report. You’ll have one less thing to check off of your to-do list and practically guaranteed on-time payments (as long as there’s money in your bank account). It’s a win-win for everyone.
If you haven’t taken deadlines seriously before, now is the time to break that habit. Whether or not you pay your bills on time is one of the first things lenders will look at. In fact, your credit payment history accounts for 35% of your FICO score. Some of the account types that are reviewed for payment history are credit cards, finance company accounts, and installment loans. Freeman says it’s best to send funds electronically so that you can keep on top of payments. When you have payments automatically debited from your bank account, this will ensure timely receipt of funds and reduce your chances of negative marks on your credit report. You’ll have one less thing to check off of your to-do list and practically guaranteed on-time payments (as long as there’s money in your bank account). It’s a win-win for everyone.
