How credit cards can help your credit score!

Sooner or later, most people are going to want to take out a loan of some kind. Maybe they will want to buy a house, car, or just fix their old home up a little bit. If so, you are going to need a crediting rating to get the loan that you require. There are many things that go into calculating a credit score, and one of them happens to be credit cards. Below you find out how a credit card can improve your overall credit rating.

You credit score is made up of many known factors, and a few things that the credit rating agencies do not let us know about. One of the known factors is the number of credit cards that you have, and how well you manage your available credit. If all of your cards are maxed out, and you are only making the minimum monthly payments on them, you can be absolutely certain, that you will have a low credit score.

If on the other hand, you pay off your monthly balance on time each and every month, you should have a very good credit rating. A good credit rating is very important when you apply for a large loan, like a mortgage on a house. First, if your score is good, more than likely your mortgage will be approved, if you meet all of the other requirements that the bank examines when determining rather to issue a mortgage or not.

Second, a good credit score means that the interest rate on your mortgage will be as low as possible. This is very important, because over the life of a thirty year mortgage, it could literally save you thousands upon thousands of dollars.

Most people’s first experience with credit is by obtaining a credit card. Please remember to always use it intelligently, and never spend beyond your means. This is not free money that they banks are providing you, but funds that you must repay sometime in the future. It is always much easier to take out a credit card and pay for something, as opposed to having to use cash. This is one of the reasons that so many people get in over their heads because of them.

Having a credit card, or a few of them for that matter, can be beneficial in so many ways. That being said, you really need to manage your credit very wisely, and always make sure that you make your monthly payments on time.

29 Comments

  • cheap mink eyelashes said

    Hello there! This is my first visit to your blog! We are a group of volunteers and starting a new
    initiative in a community in the same niche. Your blog provided us useful information to work on. You have done a
    outstanding job!

  • Edith said

    Heya i'm for the primary time here. I found this board and I to find It really
    useful & it helped me out a lot. I hope to give something again and aid others such as you aided me.

  • http://strictlydating.net/ said

    Thanks on your marvelous posting! I definitely enjoyed reading it,
    you are a great author. I will always bookmark your blog and will come back sometime soon. I want to encourage one to continue your great work, have a nice
    evening!

  • buy mink eyelashes said

    I'm not sure where you're getting your info, but
    good topic. I needs to spend some time learning much more
    or understanding more. Thank you for magnificent info I used
    to be in search of this information for my mission.

  • buy csgo skins said

    I know this if off topic but I'm looking into starting my own blog
    and was wondering what all is required to get
    setup? I'm assuming having a blog like yours would cost a pretty penny?
    I'm not very web savvy so I'm not 100% certain. Any recommendations or advice would be greatly
    appreciated. Thank you

  • fifa 18 coins said

    Good day! This is my 1st comment here so I just wanted to give a quick shout out and
    say I really enjoy reading through your blog posts. Can you recommend any other blogs/websites/forums that deal with the same topics?

    Thank you so much!

  • buy csgo skins said

    Have you ever thought about publishing an e-book or guest authoring on other websites?

    I have a blog based on the same ideas you discuss and would love
    to have you share some stories/information. I know my subscribers would enjoy your work.
    If you're even remotely interested, feel free to send me an email.

  • Trudi said

    When someone writes an post he/she maintains the idea of a user in his/her mind that how a user can be aware of it.
    Thus that's why this article is great. Thanks!

  • Koby said

    I needed to thank you for this very good read!! I definitely
    enjoyed every little bit of it. I've got you book-marked to
    look at new things you post…

  • fifa 18 coins said

    My developer is trying to convince me to move to .net from
    PHP. I have always disliked the idea because of the costs.
    But he's tryiong none the less. I've been using WordPress on a number of websites for about a year and am concerned about
    switching to another platform. I have heard excellent things
    about blogengine.net. Is there a way I can import all my wordpress posts into it?

    Any help would be really appreciated!

  • nba mobile coins said

    Yesterday, while I was at work, my sister stole my iPad and tested to see if it
    can survive a 25 foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views.
    I know this is completely off topic but I had to share it with
    someone!

  • ddabong.net said

    Hey! I know this is somewhat off topic but I was wondering which blog platform are you using for this
    website? I'm getting fed up of Wordpress because I've had problems with hackers and I'm looking at options
    for another platform. I would be great if you could
    point me in the direction of a good platform.

  • Sadie said

    Hmm it looks like your site ate my first comment (it was extremely long) so I guess I'll just sum it up what
    I had written and say, I'm thoroughly enjoying your blog.
    I as well am an aspiring blog blogger but I'm still new to the
    whole thing. Do you have any suggestions for newbie blog writers?
    I'd definitely appreciate it.

Add a Comment