Always review the monthly statements for your credit card accounts. Set aside a time each month to review that month’s statement and mark it in your calendar. Waiting too long may mean a lapse in memory about the details of any transactions. Also, if you wait, you may not be able to properly manage a problem, should one arise.
If you’re traveling, bring along two credit cards. Keep your financial options open by having cards that are issued by different banks. When one card does not work properly, you are not likely to have any luck with a different card from the same issuer. If you have cards from different banks, accessing your credit is much more likely.
Keep at least one credit card account open so that your credit history will continue. Try to make the one that you leave open the card with the longest history, as well as a strong payment record. This will show lenders you’ve managed an account properly for a while.
Do not close too many credit accounts at once. Open accounts always help a credit score while closed accounts can end up hurting it. That is because you’re subtracting from the entire credit you’ve got available, and that drives down the ratio between your credit and what you completely owe.
If you believe your credit card has been stolen or lost, it is necessary to contact your card issuer right away. You may be held responsible for any charges incurred on your stolen credit card prior to you reporting it missing. Credit card companies can’t hold you responsible if you report your credit card stolen.
As suggested earlier, credit cards can be useful tools for building credit and managing money. Understanding the individual cards is essential though, as this helps individuals to make educated choices. Once you understand the fundamentals of a credit card, then you can make better informed decisions.
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