ERP/SAP Consultants
10 ways to use your credit card right!
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Your credit card can be the single
most important factor in improving and increasing your credit score. On the
other hand it can also plummet your score to dark depths if you are not
careful.
1. No debts so far. Opting for a brand new credit card for the first time
This makes sense for your credit score. Making use of a credit card
judiciously will help you improve your credit score. Just make sure you open
your credit card with a respected and popular brand name.
2. Opening a new credit card account
When you already have a couple of credit cards, opening a brand new credit
card account can cause a dip in scores. By all means obtain a new credit card
if you are not planning to get into more debt, else think several times before
opting for one.
3. Low credit limit
Keep a tab on the credit limit of your credit card. Open a credit card
account with a company that will provide you with the highest credit limit
possible. High credit limits, even if they are not used will add merit to your
credit score and improve it.
4. Closing credit card accounts
Even if you do not use your credit cards, don't rush to close them. Keep
them as long as you can. If you must close them, then do that over a period of
time. Closing too many too quickly will harm your credit score significantly.
5. Choosing the ideal credit card to close.
The number of years you hold a credit card account has an impact on your
credit scores. Hence, let your oldest credit card be, if you must close a card
opt for the most recent cards and close them one at a time, maybe once a month
over a period of time.
6. Rotate usage of multiple credit cards
It is a smart move if you utilise different credit cards for your various
different expenses instead of constantly using only one credit card for most of
your purchases.
7. Bargain for a lower interest rate
If you have never defaulted on a payment for a few years, make use of your
good repayment track record and speak to the bank officials for a better
bargain.
8. Request for an increase in credit limit
You may have purchased your most recent card because of the higher credit
limit. If at a later date you wish to close some of your cards and you know it
makes better sense to close the most recent card, you have a dilemma.
9. Keep a self-imposed credit limit, which is much lower than the actual
credit limit
Never exceeding 40 per cent of your credit limit has a very beneficial
effect on your credit score. This shows your credit limit is high but you have
not burnt it up and have plenty in reserve.
10. Paying off credit card dues quickly will dramatically improve your
credit score
Try not to encourage too much credit card debt. Be wise and pay the dues
quickly and keep rotating your cards. Paying off dues will cause a spike in
your credit score, which is highly favourable.
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Dilbag Koundal
| Added idea
"check out my article"
| 2 years ago
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yes all point are right
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SHRIKANT MANOHAR DANKE
| Supported idea
"Keeping a close eye on the billing date"
| 1 year ago
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Right option to avoid late payment charges & penalty imposed for that.
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MUKESH JOSHI MBA(HCS)
| Supported idea
"Keeping a close eye on the billing date"
| 1 year ago
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Very well said Irani Keeping a close eye on the statement generation date is very much important if you want to utilize the cash generated by using your card. Moreover paying ur dues in time is also equally important this is how u get ur credit...
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(rate this)
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Credit Card is useful in this modern and fast paced world
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Credit card leads to unwanted expenses and ruins your finances
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Stevve
| Argues in support of
"Credit Card is useful in this modern and fast paced world "
| 1 year ago
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Credit card is good or bad depends on the user provided he uses it Judicously and settles the dues monthly
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Prashant Welling
| Argues in support of
"Credit Card is useful in this modern and fast paced world "
| 1 year ago
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Credit Card is a double edged sword. One must know how to use it to your advantage. If used judiciously and intelligently, it is indeed a saviour when you are in a tight situation and are in dire need of some urgent cash or need to make a payment...
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Yes
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No
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SHRIKANT MANOHAR DANKE
| Argues in support of
"No"
| 1 year ago
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It depends upon how you make use of it.
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santosh varghese
| Argues in support of
"Yes"
| 1 year ago
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Given its current form, the Credit card was developed for Mans Doom. It encourages overspending.to the limit the bank forfeits all you have.
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nagesh rao
| Argues in support of
"No"
| 1 year ago
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Yes Neelima,awareness is the key. Thanks to RBI Guidelines, that help both the Banks customers. Banks has been asked to issue the card to the eligible customers only. Banks has also raised their eligibility bar accordingly. Only high interest...
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Yes google due to its Security and Technology
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Facebook due to its popularity
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ARUN SHARMA
| Argues in support of
"Yes google due to its Security and Technology"
| 1 year ago
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DEAR SIR BEFORE ANSWERING YOUR QUESTION I WANT TO TELL YOU COMPARSION OCCURS BETWEEN SIMILAR THINGS(MAN-MAN),(PROGRAMING LANGUAGE-PROGRAMING LANGUAGE)....WE CANT COMPARE (MAN-DOG) SIMILARY FACEBOOK IS SEARCH ENGINE AND FACE BOOK IS SOCIAL SITE...
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