A Few Credit Card DON’Ts

In our last post, we gave a rundown of Credit “Do’s” that will enable you to maintain positive credit as well as protect yourself from fraud. In this post we’ll give you a rundown of valuable Credit “Don’t’s”, in light of the fact that some credit practices do not work to support you:

• DON’T feel pressured to get more than one credit card if you don’t need one. An extra credit card may not be ideal for you. Try not to be hesitant to decline offers from sales representatives. It’s OK to leave.
• DON’T open numerous credit accounts in a short period of time. This can be viewed by existing and potential lenders as a “credit grab” expected to fund a money related emergency.
• DON’T be late in making your payments. Late payments are reported to credit reporting agencies and remain on your credit report. Late payments reflect poorly on your credit score.
• DON’T spend more than you can afford to pay back. A credit card isn’t free cash, it’s an advance with a commitment that you’ll pay it back. Learn to distinguish between wants and needs. Thoughtless spending, while only making the minimum payments, can leave you paying for those things years from now.
• DON’T max out your credit cards.
• DON’T apply for more credit cards when you can not afford to pay the balances on others.
• DON’T overlook the signs of credit trouble. If you’re only paying the minimum payments, making late payments, or using credit to pay everyday expenses, you may be in a credit danger zone.
• DON’T give your credit card information without considering the character of the person or company you’re doing business with.