7 Things you should Never do with a Credit Card

So in this video im going to cover 7 things you should never do with your credit to avoid getting into huge trouble. Now I have had a credit card for around 4 years now and I made some mistakes along the way.

7 things you should never do with a credit card
1. Never Close an account without an annual fee
Example with amazon
Barclaycard

2. Buy things you don’t need to build credit ( not necessary, more like an excuse)

3. Co-signed a credit card with a friend or partner to help with their credit
- rules are different, and sometimes the only spouse can help you
- if that person goes a little crazy, then you would be responsible for it
Example: I had a client once that bought all the furniture for his then now friend, and she stopped paying the bills, and he went into collections.
- Get the credit line in cash from them

4. Never pay a credit card with another card ( habit)
- don’t balance transfer and do manufacture spending

5. Forget and old card and not Keep old card active ( by adding a small bill and setting it on auto-pay)
- I lose track of certain credit cards, and if I don’t use them, they close the account down after a few months of no use.
- Could hurt your credit Score

6. Carry a balance (bad Sign of overspending)
- you can afford to pay the balance in full
- example with interest

7. Max out a Credit Card
- It’ll help your utilization and if you're after a high score this is not the best idea

Bonus: Set cards on auto payments
Be smart with cash advances

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Видео 7 Things you should Never do with a Credit Card канала TommyBryson