3 Tips For First-Time Credit Users With Matthew Carpenter

NEW YORK, NY / ACCESSWIRE / March 25, 2021 / If you, like most of us, have no idea what you’re doing when it comes to credit, then you’ve come to the right place. Keep reading.

1. Make your payments on time, every time

If you only charge what you can afford, you can pay your credit card bills off in full each month (and you should absolutely do so.) But, in the case that you happen to fall a little bit short of your full balance one month, make at least your minimum payment before (not on, before) your due date. And while this should be avoided at all costs, in the case that you miss a payment altogether, don’t freak out just yet. The best thing you can do in this case is communicate. Communicate with your lender to let them know that you realize you have missed a payment, and see what they can do. There are three factors that will determine how much the late payment will affect your credit score: Your credit score & credit history, how long ago the late payment was, and how severe the late payment was.

Don’t spend more on your credit cards than you can afford to repay fast. It can be tempting for a first-time credit card user to get swipe happy, but spending beyond your means is a quick way to wind up drowning in debt.

2. Choose your credit cards carefully and strategically.

Credit cards are not all alike, and you should choose the cards that best fit your specific needs and spending habits. First-time credit card users can be lured in by sign-up bonuses and the prospect of big rewards, but every card has its fine print. (Hot tip: actually READ the fine print, too.)

It is also wise to limit how many new cards you open. Opening a new credit card has a number of credit score implications. Simply applying for a new card means a hard inquiry on your credit report, which can automatically drop your score by a few points. Play it safe and be aware of the qualifications you need before applying for a credit card, and make sure it is easily attainable for you to be approved. Be sure that you have, or will have, the funds necessary to meet the spending requirements that the bonus requires, and do this before you sign-on for anything.

3. Consistently Monitor and Track Your Credit Card Statements.

Each month, you will receive a bill for your credit card. First-time credit card users may decide to simply check the balance and chuck the card statement in the trash. Instead, take a minute to review all the charges.

Do you recognize every charge? If an identity thief has used your credit card — or, more likely these days, just the information on the card — let the company know. Staying organized and on top of your spending is the simplest and most efficient way to handle credit, and will make the process so much easier in the long run.

Fraudulent charges on credit cards are not uncommon (even for first-time credit card users) so always be on the lookout. Even a tiny unauthorized charge of a mere few cents should always be reported, as it might be part of a scam in which the crook is testing various card numbers to see which ones work before making big charges on them.

Matt Carpenter is a leader in the credit consulting space and has helped to successfully repair 500+ credit scores. His focus and determination on quick turnaround, high-quality work, and client relationships have built his reputable name and business on a strong foundation of happy customers, and a long list of referral partners.

Credit is like fitness, a lifestyle that requires consistency. It’s time to acquire a better financial routine. For more tips & tricks, or to reach out to Matt, head over to his Instagram: @thematthewcarpenter and @peakcreditcourse

Contact Information:

MountainPeakLifestyle@gmail.com

SOURCE: Peak Credit Course

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