In order to build and maintain good credit, you must select, use, and pay on your credit cards, and other loans, wisely. Each step is important. Put them all together and your credit rating should rise. Make bad choices and you might hurt yourself in some surprising ways.
When applying for credit, only sign up for cards youre comfortable using for years to come. Getting into the habit of always signing up for the newest card and transferring your balances from the older ones to the latest with the lowest introductory rate can seem smart if it saves you interest and lowers your monthly payment. The truth is, however, that the credit reporting agencies may not be impressed, especially if you close your older cards. Payment history counts when it comes to your credit rating, so you dont want to close accounts that you have held open for many years. So, if you close your older card when you transfer your balances to the new one, youre really doing your credit score no favors. Avoid this credit rating pitfall by choosing your cards wisely to begin with and sticking to them.
The oldest myth about credit cards is the idea that you should pay off your cards every month to...
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