Tips for the number of cards


Competing for the number of cards is not just because the interest

expenses are getting bigger and bigger, it's easy, and it
will affect your credit rating! count?

Unspoken rules of card number

It is more and more convenient to use a credit card to make money. You can use it to earn miles or cash back! However, I believe many people also agree that because credit cards are too convenient, they will use too much if you don’t be careful, and there are too many unspoken rules for the number of cards, so that you can’t pay back when you have too many cards. And the family waits for Wezai to tell you the 4 hidden rules of card counting!

Unspoken rule 1

Many people like to return Min Pay, but ignore that Min Pay interest is compounded. The annual interest rate is as high as 36%. The number of cards is getting more and more! Taking 20,000 cards as an example, the five-year interest already costs $117,832!

Unspoken rule 2

The interest of the card number is calculated by compound interest, and if the fast is Min Pay, the interest will only roll up over the month. Take 20,000 cards as an example, if you pay Min Pay every month, the net interest will be $49,550, which is more than the principal!

Unspoken rule 3

Don’t think that interest will be calculated for the number of cards that have not yet been repaid. As long as the number of cards is not cleared, all new bills will be calculated in the same way even though they are not yet due!

Unspoken rule 4

If you don’t want to spend money at once, many people will choose to use interest-free installment. Don’t you know, it turns out that interest-free installments may not necessarily be interest-free! If you have not returned the number of cards, interest-free instalment will accrue interest immediately. Except for interest-free instalments, in fact, even the insurance contributions and the Octopus automatically add value, all of them have to pay interest, that is to say, even the rider has to pay interest!

Emergency Credit Rating Strategy

Competing for the number of cards is simply because the interest expenses are getting bigger and bigger. It will affect your credit rating! count? Wait for We to pass your 5 strokes to aid your credit rating.

Move 1

Every credit card will have a different credit limit. Is it a problem to use all the credits of the credit card? In fact, you should not increase the credit limit of your credit card by more than 70% every month. Exhausting your credit limit will affect your credit rating. Therefore, it is not advisable to use the credit limit of your credit card.

Move 2

The number of delinquent cards will not only increase interest expenses, but also question your ability to repay, and even your credit rating will affect your credit rating, so it is best to pay off the card in a few months!

Move 3

The repayment record is one of the factors that most affect your credit score. It shows how your financial management method is. Even if you pay back your card on time, as long as there is a one-day late payment, the rating has been affected, so you must pay the card on time , 1 day can't be late

Move 4

If you apply for multiple credit cards at once, multiple banks will check your credit rating at the same time. This will make banks and financial institutions think that you need credit and your credit rating will be affected, so avoid applying for multiple credit cards at once.

To improve your credit rating, you must first clear all the card numbers