Give tender love ❤️ to your credit with these 5 steps

If you like to travel, want to buy a car, or dream of buying a home, having good credit will open the door to your success. With a credit card, you can be on your way to improving your credit.  You can also be rewarded for the purchases you make every day and even get some help with those unexpected expenses that could block your progress. That’s why you must take care of ❤️ and maintain good credit. Follow these 5 tips to take care of it and watch it grow:

1. Pay on time⏰ ALWAYS! Make at least the minimum payment.

Better yet, try to pay a higher amount to the minimum payment every time you can. If you pay the total balance faster, interest charges will be lower —having credit cost you less over time.

2. Credit limit has its limit 🔒.

You must stay within your credit limit. Remember that’s the maximum amount you have for your use, which was established when you received your new card. How does it work? Each time you buy something, the available credit limit decreases; while once you make payments, your credit limit increases again. This is what is called revolving credit, since you use the line of credit repeatedly and there is not a define maturity term.

3. Check ✅ your account statements. Review them frequently.

That way you can verify your minimum payment, due date, etc., and identify suspicious charges or any transaction you didn’t authorize. If you see something strange, immediately call your banking institution. The phone number to call is found on the back of your card and account statement.

4. Go easy with new applications. Don’t 🚫 accept every offer.

If you say ‘yes’ every time a store offers you a credit card- boom! This will be reflected on your Credit Report as an inquiry. Many inquiries in a short period of time may affect your credit; in other words, it could lower your credit score, which is a relevant factor most banking institutions consider in a credit evaluation.

5. Check your credit report. Every year, get your FREE report 🆓.

Request it through any of the three main credit agencies, TransUnion, Equifax, o Experian, or visit: AnnualCreditReport.com. Review it closely to detect any mistakes. The key to good credit is knowing how to manage it from day one. Stay sharp, begin today.