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Credit Fixing Tips > Debt management > Consumer Credit Management
Consumer Credit Management
Consumer Credit management Tip 1: Do not apply for credit too often. Every time you apply, an inquiry is made on your credit report and the inquiry is recorded on your report. Reports that have too many inquiries are not regarded favorably. Future creditors will feel you have been turned down frequently, or that you are seeking too much credit.
Consumer Credit management Tip 2: Reduce unsolicited offer for credit. It can be very tempting to overspend if you constantly receive offers of credit in the mail. You can contact the credit reporting agencies and indicate that you wish to “opt out”.
Consumer Credit management Tip 3: If you are offered a terrific deal, such as a no payments for six months, be sure to find out if interest accrues during this period.
Consumer Credit management Tip 4: If you have many credit cards, you should close the ones you do not use regularly and leave no more than two or three cards.
Consumer Credit management Tip 5: You should never use your credit card unless you have cash in the bank or in your possession to pay for it is the time of purchase.
Consumer Credit management Tip 6: You should use your credit cards, but be certain to pay the entire balance off each month. Do not let interest accrue on the account.
Consumer Credit management Tip 7: Paying your bills on time is the best way to maintain a good credit rating and be considered a good credit risk.
Consumer Credit management Tip 8: Most credit cards do not report delinquencies until they are at least two payments behinds.
Consumer Credit management Tip 9: To increase your line of credit with an existing card, maintain a good payment history for a minimum of three months and then ask for an increase on your limit.
Consumer Credit management Tip 10: Keep a list of all of your credit cards, including account numbers and phone numbers of the customer service so that you know at all times what credit you have available and also so that you can easily make a report if your cards are stolen.
Consumer Credit management Tip 11: The Soldiers and Sailors Civil Relief Act of 1940 may help you or someone you know who has been called to active duty in the military. The law may help reserve component service members from many legal and money problems such as reduced interest rates on mortgage payments and credit card debt, protection from eviction if your rent is $1,200 or less, delay of all civil court actions, such as bankruptcy, foreclosure or divorce proceedings.
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