In the same way as other money related items and financial products, Credit cards give a few people nervousness. Regularly powering that uneasiness is a misconception of how Credit cards function and how your FICO or Credit Score rating is computed.
Actually, Mastercards are not the muddled or hard to understand about their use. Also, the credit cards are not an evil financial instrument, that a few people would have you accept or believe. At the point when utilized mindfully, Credit cards give free here and now financing (i.e., the time between making a purchase and your bill due date) and free cash as prizes. Truth is stranger than fiction – your Mastercard or Credit card organization pays you to use their card.
Here are the 7 main myths about Credit Cards and Master cards 💳 and your credit score that you should not believe in them since they always do rounds from one person to another yet they aren’t true. Myth 1: Using a credit card will get you into debt
Myth 2: You shouldn’t enroll in auto bill pay because you may accidently pay for fraudulent charges
Myth 3: Having a lot of credit cards will hurt your credit score
Myth 4: Carrying a balance will improve your credit score
Myth 5: Paying your cell phone or utility bill on time can help build your credit score
Myth 6: You should close credit cards you’re not using any more
Myth 7: Having a consistently high credit score is vitally important to your financial well-being.