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Nearly 70% of millennials, for instance, prefer debit to credit, according to a recent survey by Chime.A blind refusal to adopt credit, however, can hurt your long term wealth.Ask for Redress if You Do Miss a Payment Inevitably, you’ll err. Some cards give you a little latitude in their terms and conditions.For instance, the Citi Double Cash and Discover It cards won’t charge you a late fee on your first missed payments.Another avenue is to simply ask your issuer for a reprieve should you happen to miss a payment.
That means by using that one card, you can earn an extra 0.
That’s why it’s important to have a sense of how a prospective issuer would view your qualifications.
Step one is to consult your borrowing rap sheet – a.k.a. You’re entitled to one free credit report a year from each of the three credit bureaus – Experian, Transunion and Equifax.
Misused tools, though, cause damage, and credit cards are no different.
If you’re not careful, you can sink into debt and hurt your ability to borrow money cheaply in the future.
First time borrowers should go after cards designed to build up their credit histories, such as the Northwest FCU First Card.