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The number of credit cards you have, and the way you utilize them, has a notable influence on your credit score. Payment history The payment history influences about 35% of your credit score. This implies that your history of making on-time, or delayed, payments has the sole major effect on your credit score. Paying off your credit card dues on time will progress your score, whereas delaying the payments by 30 days or more past your due date will harm…

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Interest rates can come in all sizes, but for credit cards they mostly fall into one of three kinds: variable rate, fixed rate and promotional rate. Many firms issue cards tied to revolving credit. Card holders are permitted to carry a balance on their accounts at the end of every billing cycle. Users who carry a balance will be charged interest in their next bill. There are four main credit card firms — MasterCard, Visa, American Express and Discover —…

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While LOCs do have resemblances to credit cards, they also offer quite a lot of benefits over more traditional borrowing alternatives. The major advantage is that Line of Credits will usually have lower Annual Percentage Rates (APRs) when compared to credit cards, making them a less expensive form of financing. It is also much stress-free and more affordable to take out cash advances with a line of credit than with a credit card. The LOC provider will normally offer the…

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Staying cautious about guarding your sensitive data can affectively minimize risk of theft or fraud — an imperative and essential step in today’s digital world. However, credit and debit cards have built in protection; the first line of defense indeed starts with the cardholder. Here are 8 different forms of credit card fraud: 1. Lost or stolen cards – is a reasonably common form of fraud, and must be reported immediately to restrict any damages. 2. Account takeover – when a…

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Your credit score may alter almost daily, but you do not need to depend on these slight activities – whether your credit score goes up or down – as an indication as to whether your credit score is increasing overall. Alternatively, measure the behaviour of your credit score over a period of time, may be a few weeks or months, to get a clear picture of where your credit is directed. On the other hand, if you spot a major…

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Are you ready to dive in to the credit world? Even though which card you get is not as significant as how you make use of it, here are some aspects that you should look for in your first credit card: Low fees: For your initial foray into the world of credit cards, we sincerely suggest choosing one without an annual fee. You must also ensure that the other fees, such as when you make overseas purchase – they might…

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Below are few fictions and respective facts that you need to know about credit score and how do credit bureaus evaluate it: Fiction: The more money you earn, the better is your credit score Fact: The amount your earn has nothing to do with credit score. It is not even reported to the credit bureau Fiction: Credit bureaus never make mistakes Fact: Nearly 8 in 10 credit reports contain an error or some sort of inaccuracy as per the surveys…

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Fraudulent have held upon the credit card industry as a place to make a swift buck. Fortunately, you can help reduce your risk of becoming a victim of credit card fraud by taking the below mentioned steps to safe guard your credit card information: 1. Do not blindly make payments when you receive your bill. Consciously review every credit card statement.  When you receive the bill, do not blindly make the payment. If you find any unfamiliar transaction, straightaway report…

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There is certainly no secret to escape interest payments on credit cards. Pay off the outstanding every month as per due date and there not once will be an interest charge. Unfortunately, that is not how maximum people practice their credit cards. Here are few short-term means to avoid interest: Set up the auto-pay option in you online account or at your bank in order to automatically pay your credit card outstanding from your savings account before the due dat….

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As with any payment means, there are a few advantages and disadvantages in using a secured credit card. Here is list to follow: Advantages Functions as a credit builder: A secured credit card’s principal motive is to help those who want to begin their credit history Functions as a credit re-builder: Alike to the way it assists the beginners to start their credit journey; these credit cards also help individuals with poor credit histories get back on track. Reporting to…

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