When you see five or six credit cards every time you open your wallet, you may consider one of those credit card transfer advertisements you receive on a weekly basis. You know the ads—the ones that offer a zero- or low-interest rate for a period ranging from three months to a year if you transfer your credit card balance to a new card.
"Pay it off every month!” That is what your parents always told you when you first started using credit cards. “Pay it off every month and you won’t get bad credit.” If your goal is to save money on paying interest then this might be the ideal approach. However, this won’t keep you from getting bad credit. If your goal is to improve your credit score then you may actually be hurting your credit rating by paying it all off every month.
At any stage in life, it’s important to stay informed about ways to protect your money and your credit. How smart of a consumer are you? Take the quiz below to see how smart you are about consumer issues and scams.
People are having to make tough financial choices today, but many don’t have to wreck their credit scores if they know how the system works.
With the same amount of money, you can make decisions that kill your credit score or ones that keep your score – or at least give you the ability to rebuild your score quickly later. Most people have wrong or little information about
how the system works, and that’s a big reason scores go down when difficult decisions are made during a recession.
There are three common misconceptions that needlessly lower credit scores.
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