On a scale of 1 – 10, how well do you manage your credit card? With all the mixed information online about credit cards, finding sustainable ways to manage your expenses can be challenging.
Our local federal credit does not only provide affordable lending for VFCU members, but we want to see our community thrive. Read our two-part series on tips to manage your credit card use today.
Review Your Credit Report
Doing so can dispute any errors you find, in which you should take the time to review your credit score avidly and get the right fixes. Receive a FREE credit score check when you download our Mobile Banking App today!
Set Up Payment Reminders
Consistently paying your credit card on time can raise your credit score within a few months. Write down your payment deadlines for each bill in a:
● Calendar
● Planner
● Notebook
● Electronic planner
Pay More Than Once
If you can afford it, try to pay off your credit card bill every two weeks rather than once a month. This can lower your credit utilization and improve your score.
Apply for New Credit Sparingly
Although it can increase your credit limit, it can hurt your score if you apply for several new accounts quickly. Apply online wisely and hassle-free!
Don’t Close Unused Credit Card Accounts
The age of your credit history matters, and a more extended history is better. If you choose to close certain credit accounts, you should close the newer ones to avoid further debt.
Pay down “Maxed Out” Cards First
If you have multiple credit cards, the amount owed on one or more is close to the credit limit, pay that one off first to bring down your credit utilization rate.
Consider a Debt Consolidation Loan in Harlingen
If you apply for a debt consolidation loan, you could temporarily drop your credit score, but you might need to make extended on-time payments to improve or lower your debt quickly.
How to Keep Your Credit Card Information Secure
Managing your credit card responsibly also means protecting your personal and financial information. Whether you’re shopping online, making everyday purchases, or checking your account, a few simple precautions can help reduce the risk of fraud.
Enable Account Alerts
Set up transaction notifications and account alerts whenever available. These can help you identify unfamiliar charges and respond quickly to suspicious activity.
Protect Your Account Information
Never share your credit card number, PIN, passwords, or other sensitive account details through unsolicited calls, emails, or text messages. Remember that scammers can disguise their phone numbers to appear as legitimate financial institutions, including credit unions.
Practice Safe Online Shopping
Shop through reputable websites, use secure payment methods, and avoid entering sensitive financial information on unfamiliar websites. Look for HTTPS connections, but remember that a secure connection alone doesn’t guarantee a website is trustworthy.
Monitor Your Transactions
Review your credit card activity regularly and compare transactions against your purchases. If you notice an unfamiliar charge or suspect your card information has been compromised, contact your card issuer immediately.
Stay Alert for Scams
Be cautious of unexpected messages asking you to verify your account, confirm a purchase, or provide personal information. Instead of clicking suspicious links, contact your financial institution using its official website or a trusted phone number.
Tips to Manage Your Credit Card and Finance with VFCU
Improving your credit can go a long way, no matter how good your credit is. However, there are plenty of opportunities for improvement. Contact our local federal credit union today to ask about our member benefits and to apply for financing as you need.
