Hello, my name’s Bryan Pietsch, and I’m a senior at ASU studying business and journalism. Outside of school, I’m a member of an organization fraternity called Delta Sigma Pi, and I enjoy travelling and skiing. To pay for these activities I’ve also taken up a new interest by smartly using credit cards to earn significant rewards.
I’ve earned a considerable amount of cash back travel funds and airline miles via credit cards. Thanks to the rewards I’ve earned, I’ve had the opportunity to travel across the country several times, enjoy free hotel accommodations and pay down my monthly expenses simply by spending money. If you can utilize the money you spend on daily items such as food, books and rideshares ethically and strategically, you could be rewarded, too. This is how you can get started. Find out more about tjmaxx credit card and the interest rate before you spend.
What is a credit card or why do I need to have one?
There’s a good chance you have a debit account with your bank or could be a cardholder in the account of your parents. These cards will not provide you with points and won’t aid your credit rating of your (more on both areas below).
The debit card is able to pull funds from your checking account in a direct manner this doesn’t impact your credit score as you’re not borrowing money. If you’re an account holder for another account, you’re impacting their credit, not yours.
How do you calculate a credit score?
The credit score can be described as a numerical number used to determine the likelihood you are to be able to repay your debt, but there are many more aspects to it. Let’s begin by saying that it’s crucial and something you have to be aware of.
There are many factors that could affect your credit score.
One of the most important factors that can affect your score is the amount the credit that you utilize. It’s best only to use 10% of the credit that is available to you. For instance, if you have a credit line of $1,000, line, you can only spend $100 per month, and make sure to pay it off each month. If you take out a second credit card with a limit of $1,000 then you can use it to spend $200 to get the same effect on your credit score.
How to assess your credit score There are plenty of ways to track your credit score and it’s good to monitor your credit history over the course of time
How do I apply for the first card on my credit?
If you don’t have an existing credit card, it’s likely that you do not have a credit score (unless there are loans under your name of your). It’s typically easier to get the first credit card from your bank since they’ve got a history of you, and can look over your accounts and see how often your money is deposited. Most banks recognize that you need to begin somewhere and that you probably won’t have a credit score when applying for your initial credit card.
However, be mindful. It’s important to think of a credit card as an opportunity to spend money that you would normally use rather than an excuse to spend your money on big purchases that you cannot manage to afford. You could save hundreds of dollars without considering it when you do this, however, if you make a mistake with your credit card it could leave you having a major issue.
This is helpful however, how can I find out more?
There are plenty of additional resources available to educate the basics of credit scores and reviews of credit cards. If you are willing to spend some time looking up information, it could be a huge benefit.
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