Good Purchases For Your Credit Card

By Mike Wayman

Credit cards are tempting for me, as is the mall. For some reason the second I see a pretty dress or great shoes I think I need to own the specified items. And, possessing a credit card just makes it worse. I know I should leave my credit card at home when I go to the mall. Maybe even put it in the freezer. However, there are some good things to use your credit card for.

First of all, a credit card is a great item for buying things that you actually need. It is important to determine the difference between needs and wants. Many times they are different.

Secondly, when determining whether you “need” that item, keep in mind that you probably do not need to use your credit card for items you cannot afford. You also do not need it for everyday items like food or clothing. Those can be purchased with cash. Basically, look out for the situations that arise when there is a need to pay for something that does not happen everyday. When that happens, put it on your credit card. And, when you charge those items to your card, make sure to pay your monthly payment on time!

4 Credit Myths Everyone Should Know

By Mike Wayman

Given the economic uncertainties that we live in today, it is not uncommon that you might consider applying for a loan or needing to make a purchase off of credit. What is the best way to go about getting the right financing for your needs? It probably depends on your situation. And while you have probably heard on the news the reports about banks tightening their standards, you still have options to get the money you need. However, you need to be aware of common myths and mistakes people usually make when it comes to dealing with credit. Here are 4 good myths to keep in mind.

1. Credit Score = Credit Report. There is a difference between your credit score and your credit report. The credit score is a number, while the report lists a detailed history of your finances. This “report” includes payment history, balances you might owe, anything past due, etc.
2. Don’t check your credit report if you’ve paid your bills. Today many people have become victim to identity theft. If you do not check, you will never know if you are one of them.
3. Checking your credit report damages your credit. This will not damage your credit. Check it today!
4. Boost your credit by paying off bills fast. Your credit score reflects payment over time. Your score will not change overnight.