Category: Credit

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How To Choose The Right Credit Card

2020-04-17
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 |  Credit

Choosing the right credit card can make all the difference. Using a credit card can help you get rewards and bonuses and even plan your money better. There are a lot of myths and misconceptions surrounding the use of credit cards.

Unfortunately, many people are not educated about the use of credit cards, and they end up making a lot of mistakes. Learning how to choose the right credit card will help you to plan your money and avoid unnecessary expenses. The meijer credit card is one of the best options available. Here is how to choose the right type of credit card:

Use Of The Credit Card

credit cardThe first step is to determine how you are going to use the credit card. You need to have a slight idea of how you are going to use the credit card so that you can make the right choice. Credit cards are made with different users in mind, and it is always a good idea to know your needs.

We have credit cards for shopping, paying bills, and also for debt reconciliation. Choosing the right credit card will help you to get the maximum use from your credit card and also avoid any mistakes.

Fees

Remember to check the fees associated with credit cards. It is advisable to check the fees so that you do not end up spending a lot of money servicing the credit cards. Some of the costs that are associated with credit cards include annual fees and minimum payments.

To get the fees associated with a credit card, make sure that you ask the questions. It is also advisable to compare the cost with other companies so that you can make the right choice.

Check Your Spending Habits

Your spending habits can help you to determine the right credit card. If you use your credit card for shopping and fueling your car, it is a good idea to get a credit card that gives you discounts.

We have credit cards that will offer you discounts when you make payments early. By checking your spending habits as early as possible, you will be able to know the right credit card for your needs.

credit card

Check the Qualifications

When shopping for a credit card, it is always a good idea to check whether you qualify. Make sure that you check the minimum requirements with the credit card company.

For student credit cards, you need to be a student so that you can qualify. We have credit cards for particular groups, and only members of that group can qualify.…

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credit score

Things That Affect Your Credit Score

2019-08-10
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 |  Credit

Borrowing is one thing most people do to sort out their financial needs. You might find yourself in situations that need some financial help. This usually arises when you have no money at all. Reaching out to the different lenders or banking institutions may see you get assistance within a short period. You have to confirm that you indeed qualify for a loan when borrowing. There are details you will be required to present to prove your eligibility.

One of the things most lenders look out for is your credit score. A poor credit score is one of the things that may see you miss a loan. Lenders usually work in conjunction with credit unions to monitor the repayment habits of their borrowers. Those who make late repayments or none at all can be blacklisted.

Once you borrow, you will be given a repayment date and the amount you have to pay in interest. This has to be done as agreed, or you will face the penalties listed in your lender’s terms. A poor credit score can limit you from a lot of things. Certain lenders may let you access loans even with a poor credit score. Always work to improve your score to avoid such penalties. Here are some of the things that affect your credit score.

Over Borrowing

You will come across people who have tried borrowinggood credit score from a variety of lenders. This makes it difficult for them to pay all the money required at once. Failure to pay all that money affects your credit score. What makes it worse is that you will get a poor record for the different loans borrowed. Do not apply for more than one credit if you cannot manage to pay on time.

Late Payments

It is a common factor in many who have a poor credit score. Most lenders usually require you to pay your loans on the agreed period. Late payments are always a contributing factor to poor credit listings. It is good to set reminders after borrowing to avoid falling in the trap of late repayment.

Borrowing Without a Purpose

The money you borrow should be used on other productive things unless it is for medical emergencies. You should use the money to invest and make more money which you can use to pay your outstanding debt. Borrowing without a purpose has landed many in debt and also affected their credit scores.…

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