7 deadly credit card sins

Hahhaha. Credit card sins ? Funny title but it is really right after read it. Just read yourself
Credit Card sins

1. Gluttony: Bumping up against your credit limit
Just because your issuer awarded you a $6,000 credit limit doesn’t mean you should max the card out. For starters, those who aren’t able to pay off their balances in full increase the likelihood of winding up in debt, since they’ll be subject to the interest on their purchases. Secondly, bumping up against your credit limit is likely to have a negative overall impact on your credit score.
// Okay I don’t really undestand about word ‘gluttony’ but from the point it show that we must know the limit. It is important to have border and limit. Always remind your limit.

2. Pride: Not checking your credit report

Credit Report
You might assume your credit score is in fine standing based upon a presumably stellar payment history, but the truth of the matter is that credit reports can easily contain errors. And the more egregious ones, like inaccurate delinquencies or improper credit limit information, can cost you more than a few points on your accompanying credit score.
// Okay.. I think I can get it. You must checking credit report. Pride ain’t good if you have many debt bro..

3. Lust: Applying for too much credit
Lucrative sign-up bonuses can certainly be attractive, but that doesn’t mean you should apply for every credit card that’s touting one. Too many credit card inquiries — generated by lenders that are looking to see if you deserve a new line of credit — in a short time frame can also negatively affect your credit score. Instead, apply for credit as you need it, and add a new card to your payment arsenal about once a year until you’ve got three or four you can consistently pay off on time at your disposal.
// It is good statement. That’s the credit card sins for you to handle.

4. Greed: Taking out a cash advance
It may seem like a great idea to use your credit card to get a cash advance at a casino so you have some cash to gamble with, but in addition to the lousy odds you’ll have trying to make the money grow, the paper comes with a price.
// Yeah. Don’t become too greed. Know your finance and avoid this credit card sins.

5. Envy: Applying for a card that’s out of your league
Your globe-trotting friend may continually flash a credit card that grants access to swanky airport lounges, earns free airfare and avoids foreign transaction fees, but don’t let jealousy lead you to sign up for one of your own. Typically, cards of that caliber contain high annual fees that are worth paying only if you travel enough to justify the rewards.
Instead, ask yourself a few questions to figure out what type of credit card is more suitable to your lifestyle. (You’ll also want to check that your credit score qualifies you for the account so you don’t rack up any of the unnecessary inquiries we were talking about.) There may be a great rewards card with no annual fee that will look much better with your name on it.
// Don’t get envy to others. Know your league and not others.

6. Wrath: Closing all your credit card accounts
Those who have gotten burned by their plastic may be inclined to cut up all the credit cards in their wallet and close all the accompanying accounts, but it’s best to curb your anger. Closing accounts can negatively influence your credit-to-debt ratio, especially if the one card you’re leaving open — or transferring a balance to — is bumping up against its credit limit.
It’s better to keep the account open but not use it, since that will keep your credit-to-debt ratio positively intact and not jeopardize the average age of your credit report.

7. Sloth: Not checking your monthly credit card statements
It can be easy to set up automatic bill pay on your account and then forget all about your credit card, especially in instances where you use it infrequently. However, it’s a bad idea to skip checking your monthly credit card statements.
// You must check monthly credit card statements.

That’s all about the credit card sins. I think the article is very valuable for us to make as guidelines.

Copy paste article from Money MSN

image hosting jpg Using credit card is fun but we need to pay attention because
Most of the people are being asking how to get rid of their credit card

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