1 year, 4 months ago
via credit-qna.com
If I have a credit card do I have to use it?
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M$1 Answer
If you have a credit card, you should use it. While the vast majority of credit card companies won’t penalize you if you don’t use your credit card, you will increase your credit score if you make purchases on your credit card and pay them off the following month. Relatively speaking, this is much better for your credit score than if you have a credit card and don’t use it.
In addition, if you have a card that has an annual fee, you are paying for nothing if you never use it. If you have a card that gives you cash back for purchases, it makes sense to use it and pay it off in order to get the cash back.
Every credit card company has different rules regarding the use of their credit card. These are the basic ones that apply to most credit cards:
Generally speaking, as mentioned above, if you pay off the balance of your credit card every month, you will increase your credit score.
If you miss a monthly payment and don’t pay it back in a month’s time, the credit card company will report the missed payment to the three credit reporting agencies.
You should never open more than one credit card in the same year.
From articles.moneycentral.msn.com
-quote
For now, just get one: Opening a slew of credit accounts in a short period of time can make you look like a risky customer.
-endquote
In addition, if you have a card that has an annual fee, you are paying for nothing if you never use it. If you have a card that gives you cash back for purchases, it makes sense to use it and pay it off in order to get the cash back.
Every credit card company has different rules regarding the use of their credit card. These are the basic ones that apply to most credit cards:
Generally speaking, as mentioned above, if you pay off the balance of your credit card every month, you will increase your credit score.
If you miss a monthly payment and don’t pay it back in a month’s time, the credit card company will report the missed payment to the three credit reporting agencies.
You should never open more than one credit card in the same year.
From articles.moneycentral.msn.com
-quote
For now, just get one: Opening a slew of credit accounts in a short period of time can make you look like a risky customer.
-endquote
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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