With the Holidays right around the corner, it’s easy to get stressed out over gift searching, food shopping presents wrapping, and trying to control your budget at the same time. Giving in to that stress and overspending through the holiday season could easily wind up leaving anyone with maxed-out credit cards and a lowered credit score. This need not be the case. With a little planning, the shopping spree can be a great opportunity to work on building good credit and starting the New Year off on the right foot.
Use these easy tips to help avoid most common credit mistakes:
- Keep your credit card balances manageable and pay as you go, this will help ensure
you have credit available when you need it.
- Keep away from retail credit cards — not all of them report to the major credit bureaus
and all require a credit inquiry that could lower your credit score.
- Keep using your card — just having credit available won’t earn you a higher credit score;
you need to keep it active, which means regular monthly payments.
- Consider making a purchase with an installment or monthly payment plan as a way to
keep your card active and to help you build credit.
Recently acknowledged as being one of the best secured credit cards by Huffington Post, the OpenSky® Secured Visa® Credit Card is designed to help cardholders build credit quickly. The card issuer, which reports monthly to all three credit bureaus, encourages cardholders to actively use the card for purchases and make payments on time in order to help build their credit history. The card is easy to apply for, and with no credit check required, cardholders don’t have to worry about a credit inquiry submitted to credit bureaus, which may result in deducting points from their credit score.
A credit card can be a helpful tool when making purchases over the holiday season – if well managed, those using their credit cards can also have the opportunity to build their credit at the same time. For more information about the OpenSky Secured Visa Credit Card, visit http://www.openskycc.com.