Credit Card Debt

Secrets Behind the Best Student Credit Cards

It’s really overwhelming task to find the best student credit cards – particularly if you are a student with no credit card encounter at all. There are a few factors the finest generally have in common, when searching for the best student credit cards. Below are the top ten key factors to look for:

Reasonable Interest Rates

The businesses that offer the most effective student credit cards strongly comprehend that a student is not planning to have a long-established history of credit, & they aren’t going to punish you due to it. An excellent student credit card will offer an acceptable interest rate (15% or less), no matter of this fact.

Rational Grace Periods

It is the period of time from when your bank cards billing report closes to while the transaction is due. However, during recent times, some creditors have applied the less-than-moral practice of all but removing the grace interval. Some customers have even claimed receiving their bank cards statement days after the transaction was due! The ideal student credit cards will provide a grace period of minimum 20 days.

Forego the Temptation

Prolonged-time credit card consumers know all properly that their monthly bank card statements also get there with offers for exclusive deals & purchases (including exciting collectibles or magazine subscriptions). The ideal student credit cards won’t saturate you with frivolous impulsive buy offers.

Pay for What?

Several student credit cards need a processing and/or application fee. Nevertheless, the credit cards which need these are never the ideal student bank credit cards accessible. The credit cards keep charges to a minimum & generally only charge fees for delayed payments and/or over transaction limit are the best student credit cards.

Online Account Management

Another factor is an online account management in common for the best credit cards. With internet account control, you can check your borrowing limit, make transactions & keep track on your paying right from your room.

Smart Credit Limits

Whether you understand it or not, you don’t require a $5,000 limit of credit while you are in higher education. Keep in mind, student credit cards ought not to be utilized to finance your university education — that is what student loans are for. Some region, credit for purchases that are considering investment isn’t grouped as customer credit, & thus loans for financial commitment aren’t types of consumer credit. Student credit cards should actually be kept for urgent purposes. The ideal student credit cards provide smart credit boundaries (less than $1,000) & will have a limit of 1 card for one student.

The rewards aren’t only for Adults

Rewards bank credit cards are not only for dad & mom. Students are also qualified. A few of the student credit cards provide rewards, including points which can be used for reward certificates or even money back. Just keep in mind, student credit cards which do offer gifts generally also have a greater interest level.

Don’t Ignore the Credit Union

A few of the student credit cards can be discovered on college credit unions. Several college credit unions provide credit cards with quite competitive interest levels & other student advantages. If you’ve not executed so yet, look at your collage credit union to find out what they’ve to offer.

Nurturing Credit History

The finest student credit cards will review all installments made on the card to the 3 credit agencies. Pre-paid student cards don’t do this, that is why they are not truly good for developing your credit score, nor are they effective for educating you about how rotating credit works.

They Really Are Student Credit rating Cards

The ideal student credit cards actually are just what they claim they’re -student credit cards. A few cards to promote themselves as being student bank credit cards when, actually, they concern students the identical credit cards they concern everyone else. Due to the fact students have distinctive financial circumstances & demands; you require applying for a student card which is what it states it is.

Keep in mind, even though the earth of student credit cards can be complicated & finding the ideal student credit cards can appear like a overwhelming task, these 10 precious tips help you to get a sound & stable credit card. If you want to more about credit, credit cards and want to take guidance contact Your Personal Financial Mentor. This will obviously help you and provide an effective solution.


Eliminating Credit Card Debt: How to Do It Smartly?


While a good credit score and a strong financial history is what everybody, under the sun, loves to have, it is all the more important to put yourself in a solid financial position in a scenario of economic uncertainty. And one of the most effective ways to do that is to reduce your credit card debt as soon as possible. While some of the people still don’t have credit cards, those who have typically carry a balance. And an organized, disciplined approach can definitely help you out in getting rid of the credit card debt no matter if your balance is $3,000 or $30,000. Here are some of the most effective tips that will help you reduce your credit card debts easily

  • Consider your financial condition – Before you plan anything for reducing the debts, it is important to know where you stand and what exactly is your financial condition. It is simply impossible to hit your target unless you know exactly where it is. For instance, you might think that you have got a debt of $9,000, while in reality you may have a debt of $11,000 or $14,000. Hence, it is advisable to check out your standings thoroughly and be perfectly honest to yourself. Take out all the cards you have, note down the debt and the interest rate and then, make a plan about paying them off gradually.Credit_Card
  • Track your costs – Check out how much you spend on all your regular and committed expenses like utilities, mortgage, car payments, insurance, phone bills, minimum credit card payments, cable connection, gym memberships etc. Next, track what are the variable expenses like entertainment, restaurant meals, travel etc. This will act as a foundation to the budget that you have to create. Take the credit card bills and the bank statements of the last year to get an accurate view of your monthly spending and make it a point to keep track of each and every expense that you will make, using a notebook or financial software.
  • Improve the interest rates – One of the quickest ways to save large amounts for your credit card bills is to negotiate and manage a lower interest rates. If it is possible to shave off even one or two percent on the rate, it will help you save hundreds and thousands while paying off the debt. You never know, may be a simple phone call and some polite requests will do your job absolutely. Even though your credit score plays a significant role in determining if you get a rate cut or not, it is not the only factor, because every lender treats this issue personally and therefore, you should definitely give it a try.
  • Create a budget – Now this is what you need to do most carefully. The central key to do this job successfully is to be absolutely realistic and check out what are the sacrifices that you can make. Consider the services that you can cut back immediately and plan the expenses accordingly.

Follow These Tips To Avoid Credit Card Scams

It is a well known fact that the credit cards that we use every now and then for paying off the bills or purchasing something, is always at a risk for theft. But stopping using your cards is not a practical solution, right? So what you can do is to become more cautious and protective while using your credit cards. In this post, I will share some effective tips to help you with in protecting your credit cards.Credit Card Trap, Predatory Lending

  • Keep your credit cards safe – Make sure that your cards are kept in a purse or wallet and closely attached with your body so that it can’t be snatched away easily. If you are shopping in a crowded area use a small purse and keep only those one or two cards that you’ll be using on that day. Avoid taking all the cards whenever you go out of the house. Make sure that you are taking back your credit card before leaving the store.
  • Avoid signing blank credit card receipts – This is important to avoid credit card frauds. Verify the amount on the card before signing the receipt. If you get a receipt that have blank spaces on it put $0 or draw a line through it before signing the receipt. Or else, the cashier gets a chance to put any amount in that blank space and send that purchase to your credit card company.
  • Shred any spare documents that have your credit card number on it – Most often we tend to toss away the billing statements directly into the trash. This is very risky as the scammers can easily get your credit card number. Make sure that you tear it up, and also consider putting the shredded pieces in different trash cans to ensure added security.
  • Be safe while using your credit card online – Don’t give away your credit card information to any sites without checking their safety and reliability issues. Avoid clicking on email links pretending to be your credit card company, bank or any other business that uses your personal information. Most often these links turn out to be phishing scams and the scammers want you to log in into their fake website to get all your personal information. Make sure that you are providing the credit card information only on those sites that you consider to be legitimate and reliable enough. To check if a website is secured or not look for the ‘lock’ sign in the lower right corner of your internet browser.
  • Change your passwords frequently – One of the popular tricks to hack your account is a brute force attack which usually exploits weak passwords. Hence, it is important to choose a password consisting of letters as well as numerical. Also make sure that you change the password at a regular interval.
  • Report stolen credit cards immediately – In case you lose your credit card, or it is stolen, inform the authority as soon as possible. Always keep the number of your credit card company’s customer service with you.

Well, these are some of the handy tips that may save you from a credit card scam. Keep them in mind while using your credit cards.


Ways to Improve Your Financial Situation

financial adviceHow nice it would be if we could just have enough money to do exactly what we want, when we want? To not have to worry about any more debt?  We all dream of that financial freedom, but unfortunately it is very difficult for some of us to achieve.  But it can be done. Credit card debt consolidation is the perfect way to start reducing your credit card debt, for example.

Take a hard look at your Situation

The first thing you can do to improve your financial situation is figure out how much is going where.  Get your data together and figure out what items are producing income, and what items are draining income.  You want to see more production and less draining.  Positive income production items are:  Having an IRA, having a second job or home-based business, maximizing all tax deductions, having investments, stocks, bonds or mutual funds.

What can be a financial strain is:  Too much credit card debt, no emergency funds, high mortgage, casual spending, or no savings plans or investments.  After you have a good idea of what your financial strengths and weaknesses are it’s time to begin eliminating the burdens and increasing the cash flow.  You will need to know what works, and what doesn’t.

Take the Uphill Climb

There are so many things one can do to improve their savings and take care of what is financially draining.  For starters, if you are in any sort of credit card debt, look into joining a credit card debt consolidation program.  This is a good way to change the interest rate, or even reduce the overall debt that you have.  Credit card debt consolidation is not like bankruptcy and is better for your credit overall.    After you have an idea of what your monthly payments are going to be through the credit card debt consolidation program, you can take a look at what else you can do to save money.

Taking a look at your vehicle use is another potential way to save on money.  See if you can get better gas mileage, and make sure repairs are up to date.  If you are on medications, inquire about getting into a prescription drug program discount plan.  Many pharmacies offer these types of programs now.  You can look into your utility companies to see if you can save money, or switch satellite or cable providers.  For your banking needs, try not to use the ATM outside of your network.  That can easily save $3 a transaction. Hopefully these tips will help out your financial situation.

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Jake Alexander is a free lance writer who enjoys writing about finances. Follow him @JakeAlexander17.

How to Take Control of your Credit Card Debt

How to Take Control of your Credit Card Debt

Credit card debt is one of the single biggest issues affecting people in the UK, as people are often tempted by the benefits of a credit card but then struggle to pay the necessary monthly repayments. From May 2012, the average amount of unsecured household debt in the UK was £7891, showing that there has been a substantial increase on the level of debt on 2011 and the 5 year period before 2008.

Usually it is the convenience of credit cards which makes them more appealing to use when the cash flow is running low. Unfortunately for those who use them, there is a high rate of interest associated with them that can be difficult to repay over time.

Not only do these reasons suggest why credit card debt is so high in the UK, they also make it extremely difficult for individuals to repay their liability. With many more people unemployed or being made redundant, it is clear that those in credit card debt don’t always have the disposable income to pay off the debt on a regular basis. It is only those with a proactive and determined approach to saving that will be able to overcome credit card debt in the future.

Consolidate your debt

If you are in debt with a number of credit cards, it can be even more difficult to accept more than one individual liability, and make multiple repayments when your money is tight. When managing your debt, try to pay off each credit card one at a time and once you have settled the account, close it down. Alternatively, you could also transfer your balance onto one credit card to ensure that you can manage your money in one place.

Try to shift your debts onto a 0% credit card and either pay it off before the 0% term expires, or shift the balance to another card before the interest kicks in. If you can’t get approved for a 0% card, a low-interest card (5-10%) will still be lower than the APR on most debts.This will help to create one clear goal for you as opposed to trying to pay off debt on many credit cards. By working out the APR of each credit card you will be able to see which card needs to be paid off first.

If you are struggling to pay off any of your debt you could always contact the CCCS ( and see if they can help as they can sometimes arrange for debts to be frozen or consolidated into a single manageable monthly payment.

Only spend what you can afford

Although credit cards can offer financial support and tend to be convenient for the user, they can encourage you to spend money you don’t have. A more effective solution to the problem of limited cash flow is to budget your levels of disposable income, and ensure that every penny you spend is accounted for and necessary. If you commit to only keeping cash, you will know exactly how much you are spending as opposed to feeling like you have an endless amount of money to spend on your credit card.

Make sure you can afford your repayments

If you are trying to pay too much on your credit card monthly bill repayments, you will soon find that you may be getting yourself into further debt. By implementing a strict budget each month you will know how much disposable income you have each month, as well as how much you have to repay your debt. Make a list of your income outgoings as well as a list of essential and non essential spending in order to see how much you can pay each month towards your credit card debt.

If any creditors call to ask about your debt, you will then be able to explain what capacity you have to make the repayments each month. Committing to manageable repayments will help you to regain trust with your creditors and as well as helping yourself to feel more confident with your saving methods.

Obviously, it is great if you can pay more on your minimum monthly repayments as this will help you to reduce your credit card debt much quicker, helping you to feel more relaxed and carefree about your financial situation. By dealing with your debt in this logical way, it is likely that you will learn from your experience and be more careful next time you are tempted to open a credit card.

This article was written by Debt Free Me; specialists in debt consolidation and financial management. Visit for free advice on managing credit card debt and your finances.

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Check Your Credit Rating – Poor Fico Credit Scores Cost

Check Your Credit Rating – Poor Fico Credit Scores Cost

There have been good signs that the economy has bounced back but this should not keep you from protecting a good name and reputation within the community. The creditors these days are implementing more strict policies that more and more Americans Canadians are being disqualified from getting loans and financial credit. This may well be from their banks , credit unions , credit cards or third party financial sources and institutions such as auto dealers and their car lot auto financing services and divisions.

What is Good Reasonable Fico Score:

All loan providers that include credit card issuers, banks, mortgage lenders and auto finance companies have revamped the FICO score in screening their loan applicants. Individuals with low scores are typically not allowed to loan or are given mark up rates that are very high. The then 620 FICO score that served as the baseline for enjoying credit, benefits, goods and employment has been raised to 740. That means the individuals with credit score lower than this baseline cannot engage with loans. There are even individuals who score high in their credit standing but still experienced reduced credit line and there are even individuals who failed to maintain their credit card accounts and equity lines.

Improve Your Fico Score It’s to Your Credit History Benefit:

People are aware of the vitality of FICO score in today’s dealing so more and more individuals are looking to improve their credit score. And these have greatly contributed to the rise of credit repair, credit rehabilitation or credit restoration services.

Credit Profiles Profiling:

Credit profiles in the US mostly contain erroneous entries or omissions that have gone against the credit standing of seventy eight percent of the individuals. People who are not able to fix these errors might go for credit service organization (CSO) to help them out.

Standard Rules Regulations in the Credit Credit Reporting Industries:

Various CSO’s have been focusing in repairing credit standings in the same manner as making out thieveries. Typically these organizations look into laws endorsed by the congress to argue negative, erroneous, obsolete and fraudulent details in the credit profile of their clients. The common acts used are the Fair and Accurate Credit Transactions Act, Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Fair Credit Billing Act. Then disputes will be submitted to the consumer reporting agencies namely Equifax, Trans Union and Experian as well as to the state, federal, private and local regulatory authorities, creditors, collection agencies, and third-party record providers via electronic, verbal and written means. CSO’s are able to send the dispute letters via the various means (electronic, verbal and written) to the different credit reporting agencies, creditors, collectors and third-party record providers in a much extended period of time as compared to other credit repair clinics that can only do the submission in a monthly basis.

Why Business Utilize the Skills Processes of Credit Reporting Agencies:

Although it is possible for an ordinary person to engage with the same activities performed by CSOs to make things more economical, CSOs are equipped with more knowledge, skills and resources which give these organizations an edge. A decent and sound CSO should have a verifiable track record of their capability to contest and change any flawed or imprecise judgments, liens, foreclosures, bankruptcies, short-sales, student loans, inquiries, derogatory tradelines, personal identifiers and other fleeting data from their client’s credit profile. The typical time frame for credit repair result ranges from thirty days up to six months. However developments should be apparent by forty fifth to sixtieth day upon initiation of the repair process.

Are Credit Reports Reporting 100 % Accurate? Appealing Inaccurate Reports Reporting:

The process of restoring the credit standing of individual is lawful. However CSOs are not run by legal attorneys. That means the advice that can be derived from these organizations may not necessarily be according to law and in case you need to appear in court these organizations cannot represent you unless they hire a licensed law practitioner.

Thomas I. Canmore

It never can be easy to obtain auto financing if your credit report and FICO score are not 100 %
Many “good” and “responsible” people seem to have unfortunate issues in their credit past

Yet you may need a vehicle for your job

You need a car for your employment but have trouble obtaining auto financing in Edmonton or Fort mcMurray ?

If you have a job in Alberta Western Canada require reliable transportation fill out a confidential credit app at Canadian Custom Credit

How To Get Out Of Debt – Fast!

How To Get Out Of Debt – Fast!

Are you hopelessly in debt? Have you maxed out your credit cards and feel like you have nowhere to turn to? Is your net worth now in the negative? Don’t despair. There is a way to change your current situation. You can still turn things around and make it better. Let me reveal to you 4 steps on how to get out of debt – fast!

First, plug the hole. If there is a leak in your tub no matter how much water you put in, it can never be full unless you plug the leak. In the same way, in order to get out of debt find out why you are in debt in the first place. Track down your expenses and determine where the bulk of your money has been going. Has it been going to shopping sprees, eat outs or expensive vacations? Figure out where you are putting your money and take control.

Second, cut back. You are in debt because of one simple reason: you are spending more than you earn. No matter how much you earn your expenses will always be in proportion to your income. The solution to this is to live beneath your worth. Do not overspend. Cut back on unnecessary expenses. If you have been going to an expensive gym then opt to go jogging instead. If you have been eating out 3x a week then cut back to once a week. If you enjoy going to movies every weekend chose to watch dvd’s at home. It is the little things that matter and these will make a big difference on your bottom line.

Third, cut down your credit cards. You do not need 3 or 4 credit cards. You only need one. So if you own 4 cards cut the other three in half and just leave one for emergency use. Credit cards are not evil. They are neutral. But in the hands of undisciplined people they can be dangerous. If you are not careful they can be the cause of your financial downfall. One disadvantage of using a credit card is that it makes spending much easier. Why? Because you don’t see money disappear. It’s a lot harder to hand over a thousand bucks than your credit card. That is why it is much harder to control yourself when you go shopping with your card. To minimize temptation always buy in cash.

Fourth, save at least 10 % of your income. When it comes to money it doesn’t matter how much you earn. What matters is how much you keep. So every month put away at least 10% of your salary. Never touch it. The only time when you can touch that money is when you are going to invest it. This will allow your money to grow and will provide you with the knowledge that you will never run out of money.

Amy C. is an interior decoration aficionado and online marketer.  She also likes testing and trying new home and office decorating themes.  In addition to being an interior decoration hobbyist, she enjoys designing calming solar fountains and glass art.  Amy invites you to browse her delightful collection of glass vases

The Coming Credit Card Debt Apocalypse

At the worst possible time for millions of Americans struggling to feed their families and maintain their residences amidst a still stifling post recessionary economy — much of the United States still besieged by ruined markets and bleak financial indicators — the multinational banking conglomerates effectively controlling credit card debt accounts within this country have embarked on a massive roll back of borrowing opportunities.  According to experienced analysts with knowledge of the consumer finance industry, the recent dramatic about turn of corporate emphasis will impact not only new applicants (whether hoping to get approved for their very first credit card or merely trying to land an additional line of credit) but also those existing borrowers in good standing who may see their balances abruptly cut without warning.

“The banking community enjoyed such incredible profits around the turn of the twenty first century, that — there’s no other way to really say it — they just started to get a little cocky,” explained financial correspondent and credit card debt relief blogger Harold Jamison.  “Across the board, we would see eligibility qualifications dip lower and lower as all sorts of borrowers were deluged with pre-approved card offers.  We’re talking about folks who wouldn’t have had a shot at being even considered for an unsecured line of credit back in the early 1990s, and, now, all of a sudden, the banks are just opening up the flood gates and saying that they basically trusted each and every consumer willing to sign their name to a lending contract?

“I think a lot of us knew there was bound to be trouble down the line,” Jamison continued.  “All you had to do was step back and think: ‘really, a twenty year old still in college without any credit history and no job is going to be able to treat ten grand worth of credit card debt seriously and responsibly?’  All the same, I don’t think anyone realized the problems would appear this quickly or be quite so severe.”  The gravity of the current lender circumstances is hardly in dispute, as loan balances continue to default in ever greater succession and the number of accounts charged off by the creditors for corporate tax benefits — an intrinsic safety net that formerly safeguarded lender balance sheets when appearing in reasonable numbers but, in such extreme bursts, can’t hope to stem the fiscal bleeding — has scaled historic heights of economic unease.

Although the lending community has yet to spiral toward the most pessimistic estimates, financial prognosticators generally believe the associated credit card providers could this year charge off as much as one hundred billion dollars (around ten percent of the entirety of all credit card debt owed by United States households), and commentators fret that we’re far from the eye of the storm.  “You look at the old debt relief methods that the average Joe Six Pack used to depend on when times were tight, and they’re just not there anymore.  Because of the credit freeze, consolidating everything onto one card is no longer a realistic possibility unless you have out of this world FICO scores, and, in terms of a credit card debt relief equity loan on the home mortgage, that industry isn’t even still in existence.  Unless they can somehow manage to convince the lenders to barter down an affordable debt settlement, you’re going to see a ton of men and women who just can’t avoid bankruptcy protection for their bills.  Things are going to get a whole lot more complicated just to erase the sins of the past.”

Benefits And Drawbacks Of New Credit Card Debt Laws

Although there hasn’t been nearly enough time for the effects of the Credit Card Accountability Responsibility and Disclosure Act — passed into law by the Congress of the United States of America in the late spring of 2009 (and implemented the beginning of last year) — to be properly assessed, commentators and pundits have nevertheless judged the legislation a qualified success.  However, as an unexpected consequence of the strengthened restrictions guiding interest rates and penalties levied upon unsecured lines of credit, borrowers have found their credit card debt account balances suddenly reduced without warning.  While we may all encourage the macro-economic rewards of restrained credit card debt usage by any means necessary, the constrained credit availability will inevitably seem far less desirable to consumers when their own financial opportunities are put in question.

Furthermore, consumers — beyond, of course, the men and women below the age of twenty one who have been uniformly denied access to credit card debt without the participation of a legal adult —  hoping to obtain new accounts have seen the qualifications for approval heightened across the board.  In response to the sanctions, the largest creditors have already begun to revise their lending policies in order to profitably issue new forms of credit card debt to applicants possessing a lower level of eligibility than the corporate underwriters deem absolutely safe (standards likely to be loosened once a sufficient amount of time has passed to evaluate the new risk pool).  The banks, for their part, have been actively promoting their retraction of resources as a pre-emptive form of debt relief, spinning the contextual parameters to suggest the industry’s interests lie in helping customers avoid bankruptcy above all else.

“Sure, now, they’re trying to curb household debts,” said Steve Trenton, vice president of consumer advocacy organization American Debt Relief.  “Now that the federal government’s gotten itself involved and the account holders can see just how much of a joke minimum payments really are.  All they’re doing, really, is just deflecting the frustrations and genuine rage that heads of household around the country have been feeling for a long time.  We’d all grown so accustomed to carrying these debt burdens on our backs, thinking it was normal to live this way, and, all of a sudden, the blinders have been ripped away.  It’s time the corporations behind credit card debt are held responsible for their actions, and, for the millions of people that have already fallen victim, the political establishment has to prop up the credit card debt relief effort.”

To that point, seasoned veterans of governmental affairs believe our elected officials have been substantially less effective in terms of enabling the debt relief ventures of ordinary Americans.  The legislation, currently under discussion on the floor of the House of Representatives,

intended to streamline the debt settlement negotiation process and prevent fraudulent enterprises from taking advantage of impoverished families might seem like a can’t miss prospect, but, keep in mind, the weight of the lending community’s more than ample resources has steadily pushed the need for reform (never a good idea when debt relief’s the issue at hand).  As Trenton suggests, the Credit CARD Act has indeed provided a much needed step forward, but, with such tenuous markets and shaky economic indicators, we need our leaders to pay more than the minimum amount of attention to what’s becoming a genuine credit card debt crisis.

Are you using the wrong credit card?

You may be thinking a credit card is a credit card, so there’s really no difference between two squares of the same plastic. This cannot be farther from the truth.

Credit cards, like anything else in life, have a certain quality to them and your current card may be completely wrong for your lifestyle and financial situation.

As our lives change, our needs change and this is certainly true with credit cards. The low-balance card we may have started out with after high school graduation is not the same type of reward-laden card we crave in adulthood.

Throw any notions of brand loyalty out the window. Staying with the same credit company forever can hinder you from pumping up your credit score.

With that said, keeping an old credit account open will show you have a long history of good credit and can improve your credit score. But before you settle for keeping the same card, consider the mistakes people make when keeping the wrong card.

If your balance is always carried over month after month but your card has a high interest rate, get rid of it. You’ll never pay down the balance with a high APR and it’s not difficult to open a new credit card and have your balance transferred over.

To easily compare credit card interest rates, visit Money Supermarket or other sites that show side-by-side comparisons. You can even compare fees and any rewards, so shop smart.

Although transferring your balance to a lower-rate card is the smart thing in this situation, it can be detrimental if you do it every year. Work on paying your balance down before the 0% introductory APR expires.

If you ran into past financial trouble, such as a bankruptcy and have worked on building up your credit with a prepaid credit card, reassess your credit score every year. Secured credit cards are a smart way to rebuild credit, but once your score starts going back up, they do little to help you.

Once you decide to leave the prepaid card behind, try to aim for a credit score in the 500 or 600 ranges before applying for a major credit card. This way you’ll be approved for good credit.

Another way to determine whether or not you have the wrong credit card is to take notice of annual fees. If you are paying an annual fee but have yet to take advantage of any rewards or perks, this is the wrong card for you.

The majority of credit cards do not offer annual fees, so if you’re not paying the annual fee to take advantage of rewards, get rid of it.

For anyone who is self-employed and uses credit for business-related expenses, a regular credit card is the wrong type to have. Opt for a special business card over a personal card. This makes things easier during tax time.

If you have a travel reward card but never plan on travelling, get a new card. Travel rewards can take years to build up so chances are, you find yourself in a very different place now than you were in when you first applied for the card.

Don’t bother with saving travel points if you won’t use them. Switch to a card that offers rewards you will enjoy, such as cash back.

No matter which type of credit card you choose, use it wisely and manage your debt responsibly.

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