A Case for Cards One of the fastest and most concrete ways to improve Credit Score Free Short Term Loan Credit card companies often offer bonuses and points for use If paid off at the end of every month they ID: 713403
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Slide1
Credit Cards
Consumer MathSlide2
A Case for Cards
One of the fastest and most concrete ways to improve Credit Score
Free Short Term Loan
Credit card companies often offer bonuses and points for use
If paid off at the end
of every month, they
can work for you!Slide3
The Dark Side
Interest Rates are sneaky dangerous
Assuming 14% interest and 4% min payment
Instead of paying off a $10,000 sofa for 13 years, if you’d invested the same amount and earned 8%, it would’ve turned into about $27,000!Slide4
The Dark Side
Interest Rates
Late FeesConvenient Slide5
Getting a New Card
NOT the ones in the mail
Out of every thousand students who are mailed offers, 150 accept them, an astonishingly high number.Secured Credit Card Without income; Through the bankCompare Cards OnlineBankrate.comSlide6
Getting a New Card
Avoid Cash-back rewards
Often less valuable than flights, etc.
Rewards are important
Find one that gives you something valuable
If you don’t travel don’t earn flights
Don’t go crazy
Between 2-3 cards; Take it slowSlide7
The 6 Commandments
Pay it off quickly
Do NOT make a late paymentPayment history is 35% of credit scoreSlide8
The 6 Commandments
Get all Fees Waived
Call and ask to have the fee waivedBe persistentHave the attitude that it will be waivedSlide9
The 6 Commandments
Negotiate a lower APR
Should not matter if payments are madeKeep your credit card activeUse it once every three monthsHistory improves credit score
Get more Credit
Use your rewardsSlide10
Things to Avoid
Avoid Closing Costs
Manage Debt to avoid damaging Credit ScoreThink ahead before closing accountsMore credit is better when applying for loansDon’t play the “0% Transfer” gameDon’t get suckered by “Apply Now” Avoid paying for the group and pocketing the cashSlide11
Paying It OffSlide12
References
https://
s3.amazonaws.com/earn1k/bonus/I-Will-Teach-You-To-Be-Rich_Chapter1.pdfResources:Bankrate.comDinkytown.net