MISTAKES = LESSONS
What's going on?
Ah credit cards - it’s always a love-hate relationship with you. Do you know how to handle your cards responsibly to avoid havoc on your finances and credit score? Below are the common mistakes that people make with credit cards and how YOU can avoid them.
Why is it worthy of your attention?
These common missteps can wreak havoc on your credit score, finances and access to loans:
1. Ignoring your credit report - always thoroughly check your report, there could be mistakes that can negatively affect your credit score.
2. Taking cash advances - keep cash advances as your last resort. Cash advances have additional interest rate and advance fees.
3. Paying bills late - DO NOT MISS YOUR BILLING DAY, it only takes one missed payment to lower your credit score by as much as 110 points, adding late fees and increased interest rate. Do not miss your billing day.
4. Exceeding your credit limit - it's easy to spend the money when it's just a slide away, it is even easier to overspend, but as always with great power comes great responsibility. If you overspend on your card, a significant amount of points will be deducted from your credit score. READ MORE