With high limits and wide acceptance of credit cards, it is easy to slip into debt. Here are some tips to keep your credit under control.

Why It Matters: Debt can be a long and painful process to escape. If you are not careful, you will find yourself with a huge amount of debt. If you are wise with your credit card spending, however, you will build good credit and be on your way to financial fitness.

What You Need to Know:

• Determine what you will use your card for before you accept a credit card offer.
• Will you carry a balance? If so, evaluate the terms of your card and find out exactly how much the credit will cost you.
• Maxing out one credit card can Cost you 75+ points off your score. Keep you balances below 50% of their limit at all times.
• Make timely payments. Late payments not only add fees, but can also increase your APR, adding more finance charges to your balance.
• One 30-day late can cost you 80 points off of your credit score, and it takes years to make get all of the points bank.
• Try to pay more than the minimum amount due to get your balance down faster.
• Read the fine print. Be aware of any fees for late payments, balance transfers or annual membership fees you are required to pay.
• Only carry the credit cards you plan to use.
• Do not have multiple cards. It is best to keep one or two widely accepted all-purpose cards only.
• Keep your receipts for your credit card purchases and compare them to your monthly statements. Be sure to report any errors immediately. Send a letter to your credit card company's "billing inquiries" address with your name, address, account number, and a description of the error. It must reach the company within 60 days of the day the bill containing the error was mailed to you.
• Monitor your statements for unauthorized charges, and report it immediately if your card is lost or stolen. If you fail to report it and someone charges on your card without your permission, you are liable for up to $50 per charge.
  

Steps to Take:

1. Only apply for credit you can afford.
2. Do not use your card for purchases you cannot pay in full within 90 days. Carrying a balance not only adds to your debt, but can negatively affect your credit score as well.
3. Do not carry multiple cards. If you have many cards at hand, you are more likely to overspend.
4. Keep a record of your credit card numbers and the phone numbers of your credit card companies in case your cards are ever lost or stolen. If they are missing, be sure to report it immediately so that you are not held liable for any unauthorized charges.
   

Select a link from the list below to begin learning more about your credit.

Get a FREE Copy of Your Credit Report
It’s Never Too Late to Repair Your Credit
Inside Your Credit Report
What’s In Your FICO Score
What Is Good Credit
Establishing Good Credit
How to Improve Your FICO Score
Using Credit Cards Wisely
30 Reasons Your Credit Score Is Low
Repairing Your Own Credit
Judgment Strategies
Facts About Credit Inquiries
Your Rights Regarding Debt Collection
Divorce and Credit
Coming Back After Bankruptcy
Charge-Off Debt & the Seven Year Rule
Top Ten Do's and Don'ts During the Loan Process
Identity Theft and the FACT Act
CRC – What You Can Expect