Credit Card shopping mistakes 3, below are some really good tips and information that can help you in protecting the use of your credit cards and keeping your FICO score in good standing.

Credit Card shopping mistakes 3, Putting Your Child or Grandchild On Your Credit Card

It’s a joy to be able to give generously to your kids or grand-kids, but don’t make the mistake of putting them as a user on your card if they aren’t ready for the responsibility. Even more so, holidays are a No, No. Their idea of sticking to a budget or using the card only for emergencies may not coincide with yours. You could wind up with a shockingly large bill when your credit card statement arrives back to you.

Using Credit to Pay for Layaway purchases

Layaways can help you stay out of debt by letting you pay for purchases in cash over time. Many retailers have extended their layaway options to last as long as two or three months. But if you ultimately don’t pay for the layaway in enough cash when it comes time for picking up your layaway purchases on time, then you’re forced to pay for them at the last minute with a credit card. That’s Bad because you’ve negated the whole benefit, of having a layaway strategy. What’s the point if it ends up like that?

Missing a Payment

Being 30 days late and missing a single payment on a credit card can drop your credit score by 50 to 100 points. You never want your spending habits crimp your ability to pay your bills on time. In today’s financial world and environment, your credit score matters tremendously: It affects your ability to get loans, rent an apartment,  buy a home, and even obtain secure affordable car insurance rates. Use your credit cards responsibly and make all required payments on time.

Oh by the way, let me extend an Invitation to you.