Manage Your Credit

Written by: Rudy Freeman - on July 28th, 2006

There are two factors you should consider when "shopping" for a credit card: your credit status and your needs. It's important that you know your credit status before applying for a credit card. For example, if you have an excellent credit history, you would want to choose the credit cards that give you the most benefits. Similarly, if you have a bad credit history or none at all, you may want to apply for a secured credit card to re-establish your credit history.

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The second thing you should consider is your needs. Do you just need a line of credit, the more the better, for emergencies? Or do you need a card that you can use everyday and bring you some benefits? From there you can determine what credit card features will best fit your needs. For example, some people who frequently travel may want credit cards that offer frequent flier miles and broad acceptance. People who shop a lot may want a credit card that offers generous cash back reward. Or people who only need credit cards for emergencies may want ones that offer low fees, high credit limit, and more popular.

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Finally, read the agreement carefully before you apply. Consider all the terms such as acceptance, interest rate, APR, annual fee, grace period, finance charges, penalties, security, and rewards.

It is preferred that you pay your credit card bills in full. However, most people can't do that all the time (otherwise they wouldn't need credit cards at all). But it is IMPERATIVE that you pay your bills ON TIME, even early. The reason is that a late payment may substantially lower your credit scores and ruin a good credit history you have worked hard to maintain.

That's not all, a late payment may prompt your credit card companies to increase the interest rates, which will cost you more money. This increase in interest rates may apply to not only your current accounts, but also your future credit cards and loans as well. Another thing you should consider is the mailing delay. Although it's rare, irregularities in postal service happen from time to time that delay your payments to reach the destination. Therefore, mail your payments early, and communicate with your credit card companies if such things happen. Nowadays, most credit cards provide a website where you can pay your bill directly. You may consider taking advantage of this kind of features.