Common Credit Card Errors: Monetary News and Tips

Here are a few credit card errors that can happen and what you can do to recover.

  1. Missed Credit Card Payment – contact your credit card company as soon as you realize that your payment is late and make the payment.  The credit card company doesn’t report a late payment until the payment is 30+ days past due.
  2. Going Over Your Credit Limit – You should work on paying down the balance.  The ideal ratio of available credit to balance is about 30%.  Make sure you have opted into allowing your credit card company to approve purchases over your credit limit.  This will not only help you to improve your credit score but will help you learn to live with-in your means
  3. Earning Rewards – Earning rewards has a tendency to make you want to use your credit card, but racking up the rewards may not help your credit.  If you would still like to earn your rewards the best way to do it without damaging your credit is to pay the balance by the closing date…NOT the statement due date.  Doing this will show a zero balance when reported to the credit bureau, not the high balance that your accrued during the billing cycle.

Everyone wants good credit so they have the opportunity to buy the big things in life, like a HOUSE or car, for the best interest rate and terms possible.

Source:  Credit Solution Program  

Comment balloon 3 commentsJenifer Lower • July 30 2014 01:40PM

Comments

Interesting tip about paying by the closing date.   We always pay off our credit cards, but wait until the statement date.

Posted by Yvette Chisholm, Associate Broker - Rockville, MD 301-758-9500 (Long & Foster Real Estate, Inc.) over 4 years ago

Jenifer - Thank you for the excellent list of tips about common credit card errors monetary news and tips.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 4 years ago

What a great suggestion, 'paying the balance by the closing date…NOT the statement due date'. I never though of that. Thanks for sharing.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) over 4 years ago

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