Debunking Credit Card Myths
News from abc27:

As you pull them out of your mailbox, credit-card offers can seem so enticing; zero percent introductory interest rates, attractive cash-back options, and no annual fees. It may seem like the ideal time to get a new credit card. But Consumer Reports says be aware that your credit score can be hurt temporarily when you apply for new cards.

Each time you apply for a card your credit score can take a hit, and you might not want to risk that if you’re applying for a mortgage or other significant loan in the near future.

But if you already have a lot of cards, don’t worry. Contrary to popular belief, having several cards may actually help your credit score if you use them wisely.

The more credit you have available, the better it is for your credit score. But you still have to keep your spending well under your card limits and keep making your payments on time.

Another common misconception is that you should hold on to your oldest credit card no matter what. Ho…………… continues on abc27
… Read the full article

Related News: