One of the easiest ways to establish and build your credit score is with a credit card. As long as you don’t exceed your credit limit, pay your bill each month, and stay within your budget, you’re on the right track to financial stability. But what if you’re new to the world of credit? How do you know if you’re using your card responsibly? We’ve come up with a list of some of the most common questions that new credit users have to help you understand credit cards.
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Having a credit card as an adult is pretty much a necessity; even if you’re determined to avoid debt at any cost, chances are you’ll need a card at some point (even if it’s just to book a hotel or rent a car when you’re traveling).
Whether you’re new to the world of credit or just a bit rusty with the do’s and don’ts, here are some credit card faux pas you should do your best to avoid.
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One of the most important things you can do as a legal adult is find way to build your credit score so it’s as favourable as possible. A good credit score is the key you need to unlock pretty much everything that requires getting a loan of any type at a reasonable interest rate.
A common way to build your credit score is by taking out an instalment loan (often for a bigger purchase like a car or a mortgage for your house). But what if you don’t drive or can’t afford a car? And what if you’re not ready to buy your own home?
Here are some other ways you can start building your credit score:
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Some people are adamant that one credit card is enough while others believe the more access to credit the better. So what is the right answer? Is there really a set number of credit cards you should have?
The short answer is no. The longer answer is: it really depends on you.
While it’s true that the more credit you have in your name the better you look to the credit bureaus, the positive benefits become moot very quickly if you have terrible repayment habits. What kind of spender are you? How reliant are you on credit? Do you pay your bill off in full at the end of every month or do you tend to rely on the minimum payments to get you by.
We’ve put together a few different points to help you consider whether you’re the kind of person who should take on the responsibility of multiple credit cards, or if one is definitely more than enough.
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Maybe you’re in line about to pay for something when you realize your credit card is missing. Or maybe you’re online shopping on your computer and you realize you’ve just entered your information into a suspicious looking or fake website. While your first instinct is likely to panic, there are steps you can take to protect yourself (and your credit score) when you have a lost credit card.
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