Helpful Credit Tips…and a Few Habits You Should “Decline” – Part 2   

In our last article we presented out list of Credit “Do’s” that will help you protect yourself from becoming a victim of identity theft.. As promised, we complete our list of credit tips with these equally beneficial Credit “Don’ts”, because some credit practices will simply never work in your favor:

·        DON'T feel pressure to get a credit card if you don't want one. A credit card (or an additional card) may not be right for you. Don't be afraid to say "no" to salespeople. It's OK to walk away.

·        DON'T open multiple credit accounts within a short window of time. This can be interpreted by existing and potential creditors as a “credit grab” intended to subsidize a financial crisis.

·        DON'T pay your bills late. Late payments hurt your credit rating.

·        DON'T spend more than you can afford. A credit card is not magic money; it's a loan with an obligation to repay. Know the difference between needs and wants. If you charge carelessly and only pay the minimum, you will likely be paying for those items years from now.

·        DON'T reach your credit limit or "max out" your cards.

·        DON'T apply for more credit cards if you already have balances on others.

·        DON'T ignore the warning signs of credit trouble. If you pay only the minimum balance, often pay late, or use cash-advances to pay daily living expenses, you might be in the "credit" danger zone.

●    DON'T give out your credit card number unless you've initiated the transaction. Be alert to identity thieves and scam artists.