8 Common Credit Card Mistakes That You Must Avoid
Dissipating higher credit card limits
With raise in credit range, some of us go overboard, which further will land us in gaining higher debt. Although every card comes with conditions apply tag. Firstly, you have to avoid any new offers, secondly to limit its utilization.
A credit card even with a raised limit has an inherent max range which has to be kept in mind, based on this is individuals retain CIBIL positive report a score to the creditors to ensure us more amount in future. Also when necessary to draw more credit, ensure its payment in a way with less effort and in constipated time.
Extending the loan tenure in order to pay smaller amounts
Some of us under various situations cannot make up to the payments, to manage stretch the payment tenure. Thinking it as a liable option, it may be as an interim boon, but reckons in a mandatory setback. Also With interest rates changing with period you will be made to pay more than what you have bargained for. So pay up soon by cutting back on you expenses.
Winding up the oldest bank account
Closing credit card account will affect your track history at CIBIL with that being one of its good repayment record, CIBIL scrutinizes your credit history to add up your score.
So closing up a bank account even with minimum or no debt is not advisable.
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