When anyone is trying to establish credit, it can seem like a nightmare. Each time you submit an application your credit score dips, and there are so many factors involved with determining your score. Luckily, there are some ways you can control what influences your credit score, and control access to it. This article will show you what to look out for when you receive offers for credit cards, and show you some simple steps you can take to ensure you get a fair deal.
Work with your spouse to get your finances in order. If your spouse does not work but has the ability to do so, you may want to tell them to get a part time job. Tell them that you need a little help in getting your financial situation in order. Be honest with them, and tell them that working will help get both of you in a good financial standing.
If you find that the credit limit suits your needs, you should then look at the interest rate. Keep your attention on the fine print. Notice if there is an introduction rate. Often times, they will offer you an incredibly low rate for 6 months and then hike it up high. Another tactic you need to watch out for is if they offer you a low rate unless you miss a single payment. Generally one missed payment will send the interest rate skyrocketing. This can make it incredibly difficult to repay the balance, and you will end up with a mountain of debt.
Some cards carry benefits for using their credit services. Whether it is frequent flyer miles, or a point system you can redeem, you need to find a card that has benefits you will actually use. One of the best benefits to find is when they offer to waive fees after you accumulate so many points.
Lastly, you need to make sure you can have an exit strategy in case you do not like the company after using their services. Find out if there are any early termination fees, or if you can get your deposit back if they require one.
Another important thing to do is to start analyzing your monthly spending. You will be surprised how much money you spend on needless purchases. Once you can see what your needless expenditures are, it will be easy to manage your finances.
One money saving habit to cultivate is paying cash, instead of using credit cards. When you have a credit card balance it becomes very difficult to pay it off. The reason is many credit cards have high interest rates and most of your monthly payment goes toward paying the interest. Since very little of what you are paying goes towards paying what you owe, it becomes a regular, ever increasing monthly bill.
Reading through the fine print will save you a lot of trouble. Just be sure to take your time and cover all the information to ensure you are getting a fair deal. There are plenty of other companies out there that will gladly issue you credit without bad deals.
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