A credit card can be a great financial tool, but it also is a big responsibility. Applying for and receiving a credit card generally is an easy procedure. Offers from credit card companies arrive frequently in the regular mail.
Many people, particularly first-time users, do not fully understand the implications of a credit card. They may charge more than they can repay. This can damage a credit rating and create credit problems that can be difficult to fix.
Before you submit a credit application, obtain a copy of your credit report from one of the three major credit reporting agencies to make sure its accurate. The Fair and Accurate Credit Transactions (FACT) Act allows consumers in the United States to receive one free copy of their credit report from each of the three major credit reporting agencies during a twelve-month period.
Ted DeJong
1/15/2008