More Credit Card Tips

Whether you’re young and you’ve just obtained your first credit card, or if you’re older and you have a wallet full of them, the only way to build a good credit history is to use credit cards with a bit of wisdom. It’s hard work, but if you do it right, in the long run you’ll avoid credit card trouble. In the Chicago area, if you end up seriously in debt – despite your best efforts – discuss your financial situation at once with an experienced Chicago bankruptcy lawyer. Here are some recommendations for using credit cards smartly:

– Obtain a copy of your credit report. Review it annually and whenever you’re about to make a major purchase. Immediately report any errors.

– Know your credit score. Understand what it means and what can impact it.

– On credit applications, always provide complete, accurate, and consistent information.

– Create a budget and adhere to it. Never overextend yourself.

– Have just a little credit. If you have no credit history, no information about you is available to creditors, so it can be difficult to qualify for new credit.

– Pay your bills on time. Delinquency impacts your credit score and negatively affects your ability to obtain new credit.

– Keep balances low. Substantial outstanding debt makes you look like a credit risk.

– Apply for new credit accounts only if you need them. If you apply for too many accounts at once, it may look like you are trying to shift your debts around and live by borrowing.

When you’re falling into credit card debt, you need to get help before it gets worse. Bankruptcy is one option, but you probably have other alternatives as well. In the greater Chicago area, get the trustworthy legal advice and help you need by speaking as quickly as possible with an experienced Chicago bankruptcy lawyer.