How to maximize your credit cards.
It is amazing how fast you can shove to the groung your newly acquired credit, following these simple steps you can maximize your credit and have credit work for you.
If you have them consolidate them, Banks want you to keep paying those interest rates that is why your monthly bill is so low . after you rack up a couple of credit cards, Interest rates tend to go up and once they go up your monthly bill hikes up so if you are already strapped for cash imagine those 25 dlls you pay a month hike up to 50.
Have no more than 3 credit cards anything more than can affect your credit when trying to find a vehicle or a house. Banks want to see that you are using your credit but want to see how liable you are, think about it if you were the bank and you are ready to lend out some money to your customer but your customer has several credit cards, he is potentially liable to spend those balances on his credit cards, this can hike up your interest rates.
Keep your credit card balances under 50 % by doing this you are reducing your chances that they will hike up your interest rates because banks know that you can potentially give your business to another company , so it is always good to have options if your credit card goes up you can get another card that offers a low interest balance transfer.
If you have already racked up high balances on your credit then consolidate your balances. By consolidating you are minimizing the interest payment , utilize your vehicle to get a secured loan the reason you want to use your vehicle is that you get better interest rates, a Secured loan is always better that a unsecured loan meaning that you need to secure a loan in order to get better interest rate.
Don’t be scared on using your credit, It is amazing how many people rely on others to make a proper decision with their credit, “ well I heard that they will ruin your credit” believe me when I say people that say that having credit is bad , either could not manage their credit due to than flat screen that was on display, or don’t even have credit but only heard rumors. Of course they don’t want you to have credit, why does he have credit when I don’t and that is how a lot of people feel like sad but true.
90% of new businesses fail due to cash flow they had the product but could not find funds to liquidate their workers, pay their vendors etc etc. That is why credit is so important in day to day operations not only for your business but also for personal gain.
