It's final. I have finally made my last payment to Discover for the credit card I got last year. Dumb mistake. One of those financial blunders I told you guys about. I have finally made my last payment. Funny, how this came about. I applied for a student credit card, just for "emergencies". Right? I ended up using it all within the first month and never paid it off, even though I had the money too. After countless calls, I finally decided to answer since I've already screwed my credit score. I was able to set up payment arrangements throughout the summer. A few times, I wasn't able to make the payments, but kept a great relationship with the creditors. Today, my last payment has went through. MY LAST PAYMENT. It feels good to be a little less debt free. I'm slowing building my credit again and will soon get a new credit card that will be used very responsibly. Here are some tips below on credit cards and building credit!
1. Read before signing. Read through the terms of any credit card agreement your receive. Select the card that is best for you depending on the interest rates and fees that you can afford.
2. Think ahead. Before using the card, think if you can pay this in the future. While a credit card allows you to make a purchase you can't afford at the time, you will have to pay for it in the future, plus interest.
3. Pay your balance in full every month. Paying the minimum balance only racks up late charges and increases the amount you need to pay back.
4. Avoid cash advances. This may seem like a quick fix, but credit cards companies charge up to 23% interest on advances.
5. Credit cards should be used to build your credit. Use responsibly and you can be able to set up your credit for the future.
