Secured Credit Card Tips for Working Women WWW.NEWHORIZON.ORG
Are you a young, female professional, looking for pointers you can use to effectively manage your secured credit card? If your answer to this is YES then, it is highly-recommended you pay close attention to the reminder of this piece. That’s because in the succeeding paragraphs, we have tackled effective strategies, which will surely help you achieve your goal of using your line of credit in the best way possible.
Don’t deliberately skip or miss out on your monthly payments. Always remember that being delinquent on your credit card bills will not just ruin your good credit reputation. It can also have a huge impact on your personal finances. After all, the penalties and fines you will incur might soon eat up a significant percentage of your budget. And that’s not all. The extra payments you will make on such charges may eventually compromise even your personal savings. Now, to avoid such problems, you should resolve to keep up with all your financial obligations, most especially with your credit card with bad credit bills. One thing that can help you attain such goal is to sign up for automatic payment arrangement. Keep in mind that by simply authorizing the employees of your bank to withdraw funds from your savings or checking account, you can surely avoid missing out or skipping on your monthly dues, as well as being penalized with late payment fees and huge interest charges.
Make it a habit to check the available balance on your secured credit card before using it to cover your bills and expenses. Always remember that this tip can help you determine if there are enough funds you can still use on your line of credit. Moreover, this will help prevent you from spending beyond the limit or cap imposed on your credit card – a poor credit habit which could cause your credit score to slide down.
Always ask for receipts from the cashiers of the stores and shops you frequently visit. Bear in mind that such financial records will not just help you monitor your credit card spending habits. They can also be powerful documents you can use for validating items in your monthly billing statements as well as for disputing errors and inconsistencies in your annual credit report. So, instead of throwing them away, you should make it a point to keep your receipts with all your important financial records. Then, take them out, from time to time, whenever you receive your financial statements and even the latest copies of your credit file.
Turn down offers for more secured credit cards. Remember that consumers, who manage multiple credit card accounts, at the same time, run the huge risk of incurring huge financial obligations they may soon find very difficult to pay back. Hence, if you wish to avoid falling into debt traps, as well as inflicting damage to your credit history, you should be contented with your existing line of credit. And in case you decide to apply for more, make sure you will only handle and use at most two credit cards, at a time.