If you see any suspicious charges to your credit card, call your credit card company right away. If you do this, your credit card company will have a good chance of tracking down the thief. That is also the smartest way to ensure that you aren't responsible for those charges. A quick call or simple email may be all that is required for you to report a fraudulent charge.
To preserve a high credit score, pay all bills before the due date. A late payment can do a number on your credit score, and can also require you to pay pricey fees. Set up a payment schedule that is automatic so that you can save some time as well as put some money back into your pockets.
If your mailbox is not secure, do not get a credit card by mail. Many thieves have admitted to stealing cards from mailboxes when those boxes did not lock.
You can save yourself money by asking for a lower interest rate. It may be possible for you to obtain a better rate if you have established a history with this company and have consistently made timely payments. Simply call up your creditor and ask for a better rate.
Remember, interest rates can change quickly and are not negotiable. Remember, the credit industry is competitive between companies, and each company has different rates available to them. Call your bank if you are unhappy with the interest rate given to you.
Try not to close your accounts. Open accounts always help a credit score while closed accounts can end up hurting it. When you close an account, your available credit is decreased and the ratio between it and what is owed decreases.
In recent years, there have been several new credit card laws enacted, and the wise consumer will familiarize himself with them. Credit card companies cannot increase your interest rate without giving you notice first. They also cannot double-cycle bill clients. Research the relevant laws. Recently, the FCBA and CARD Act were established.
Under no circumstances should you fax anyone your card number. Faxes can remain in the office of a recipient for hours or days, which gives their entire office access to your personal credit card number. Any of these people could be, or know of, a thief. If a criminal steals your credit card number, your credit could be seriously damaged.
If you have balances on several bank cards, choose one and work on paying it off. If you have significant balances on different cards, using one specific card that is paid in full at the end of the month will help to build your credit score.
If you open a credit card that is secured, you may find it easier to get a credit card that is unsecured once you have proven your ability to handle credit well. Subsequently, you may start to receive offers by mail. Re-evaluate your situation before deciding on which card you will accept.
Periodically, survey your usage of credit card accounts so you may close those that are no longer being used. Closing accounts that are old prevents them from getting used in a fraudulent manner. It is possible to close any account that you do not want anymore even if a balance remains on the account. Simply keep paying the balance off until it is completely repaid.
Remember to occasionally use the credit cards that you want to keep. Many companies close accounts that are inactive for too long. The only method of guaranteeing your account remains open is by using the cards that you want the most on a regular basis. Just make sure you pay them off to avoid debt.
Hopefully, this article has provided you with the information you are searching for. As far as spending foes, there is no such thing as too much care and we are usually aware of our mistakes once it's too late. The advice in this article is available to help you make the most of your credit cards and limit your risk.
