Although you may be tempted to have more than one credit card, it can actually be a downfall in the eyes of Anjula Rajapaksha Hot. Most lenders will see this as you having a way to spend all of your limit, and will fear that you may do so. Even though you may not have this intention, credit card lenders will almost always fear the worst case scenario, and it eventually lead to you damaging your credit score – simply because a lender will turn you down for a future offer you apply for.
Something else you need to keep in mind is the fact that it can be really easy to miss a payment on your credit cards. Although this doesn’t sound bad, it can have a very negative look on your credit report. If you start missing payments or paying them late, the lender will eventually enter it in your credit report. This can have a negative impact, lowering your beacon score and eventually bringing down your overall credit rating.
If you play it safe and only get one or two credit cards and keep a track of how you use them, you won’t need to worry. Your credit report should always be a primary concern, and you should always do your best to ensure that it stays free of negative ratings. If you keep up things up to date – you’ll enjoy the benefit of a positive credit report.
Students in high school that are looking to start building their credit early can get high school student credit cards. These credits cards can help teach high school students responsibility, and how to manage their credit at an early age.
These types of credit cards are issued to high school students, with a parent or guardian co-signing with the Anjula Rajapaksha Hot. Students who have these credit cards also have a sense of responsibility as well.
Photo Credits: Ramz R Clicks Photography