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Service charge is a fairly broad term for a fee that the credit issuer... ...more
Credit cards can be trouble in the wrong hands, but careful use of your credit card can help your credit score. These strategies can help you use your credit card as a financial tool while increasing your credit rating.
Keep Your Balances Low
Financial lenders don’t like to see credit card balances that are near the maximum limit. Your card may have a high limit, but this doesn’t mean you need to use all of it. Keeping your balances low shows financial responsibility and discipline.
Resist the Temptation to Have a Credit Card Collection
You really only need between one and three credit cards. If you already have the cards you need, don’t apply for any more, even if you know you will qualify for another card. A large amount of unused available credit is a red flag to lenders, and it can hurt your credit score.
Pay On-time
Pay your monthly credit card bills on time, and you will reap the reward of a higher credit score. It is best to pay off your credit card balance every month. If you’re unable to do that, make the minimum payment. But always send it in on time.
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