After You Apply for a No Credit Credit Card, Use It Wisely: Heres How
When you are first establishing your credit, you can make a huge difference in the quality of your credit report with some seemingly insignificant actions. Your credit report contains information that is used to create your credit score. Companies use your credit score to decide if you qualify for loans, lines of credit, and other conveniences. It is also used to determine how high your interest rate is for these items. So use your first credit card wisely to save yourself headaches in the future. Heres how:
Always pay your bills on time. You have probably heard this before, but did you know that as few as two late payments can adversely affect your credit score? Always pay your bill on time or early if possible.
Pay more than the minimum balance. In many cases, the minimum balance is only enough to cover the interest that the company has charged you for your balance. Too many people let their balance get out of hand because they only pay the minimum balance and interest continues to accumulate. So pay as much over this amount as you can, even if it is only five or ten dollars.
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