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Credit Do's and Don'ts

Don'ts

Use your credit card to make every day purchases. Items like food, clothing and gas shouldn’t be purchased with a credit card. Using your credit card as a substitute for cash is a habit that can quickly lead to debt. For ordinary purchases, leave your credit card in your wallet and use cash or debit card instead.

Get into the habit of making minimum only payments. Making only the minimum payment each month increases the amount of time it takes to pay off your debt. It also increases the amount of interest you end up paying. To pay off your debts quicker and cheaper, you should pay as much as you can on your balance each month.

Use your credit card to buy things you can’t afford. Living a borrowed lifestyle is the quickest way to get into debt. If you can’t afford a purchase today, chances are you won’t be able to afford it tomorrow, or even next month.

Close out a credit card without knowing how your credit will be impacted. There are times when closing out a credit card can hurt your credit score. Avoid closing cards that still have a balance or those that make up a significant amount of your credit history.

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Do's

Make wise decisions about purchasing items you need versus those you simply want. We’ve all used the word “need” to describe something we really just want badly. Using your credit card responsibly means recognizing which things you need and those which you just want.

Let your creditor know in advance if you won’t be able to make your monthly payment on time. The worst thing you can do is simply forgo your credit card payment, no matter the reason. Most creditors will assist you if you let them know before you miss your payment. Simply call your creditor, briefly explain the situation, and ask that any late fees be waived.

Stay within 35% of your credit limit. A large part of your credit score considers the amount of debt you have. Keeping your balance low helps you maintain a good credit score. Not only that, lower balances are easier to manage than those that are higher.

Negotiate a lower interest rate. Especially if your current rate is higher than other credit card offers you receive. Your interest rate determines how much you pay for carrying a balance on your credit card. Evaluate the interest rate on your credit card periodically to be sure you are getting the best deal possible.

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