With all of my daughter’s wedding expenses coming up I considered getting another credit card. Thank goodness I only thought about it for a few minutes. Since we are doing quite well with paying off the card that we have put the most of the costs on so far, I think it’s best to keep using that card.
I don’t want my credit rating to lose any points by opening up a new card and then closing it quickly. I’ve learned that the credit reporting agencies don’t look favorably on that practice. Also paying off a card quickly is frowned upon. I would think that this would be positive, right? But apparently it isn’t.
Your credit rating determines a lot of things concerning your finances. It affects your interest rate on your credit cards, on car loans and other loans you are going to seek, even your mortgage interest rate.
A late payment even on medical bills, can lower your credit rating. Sometimes there are mistakes on credit reports and it is important to keep an eye on things. I need to get my hands on my credit report to see if there are any issues. I would have the ability to respond to them especially if there is something incorrect listed. OK, you’re going to see me write those famous words again, “after the wedding”.
Our credit card bill almost got out of hand. Our business is so slow. Makes for not so fun wedding stuff. It will all work out though.
.-= Karen´s last blog ..A Salute to America =-.