Thursday, May 2, 2013

CreditKarma, Credit Cards and Your Financial Best Interest

We all use them and we all hate them. Lately I have been researching them. I have come across a couple of websites that have some very good information about credit cards with ways to find the best card for your purpose. I have been using a PayPal debit card for years now and did not realize that there were now other banks offering better returns like two and three percent cash back on purchases. One that stands out on top of the list is Bank of America. If you go to you will see what I am talking about. There is a disclaimer at the bottom of this webpage that tells you that the owner may get compensated for certain company product offerings or advertising. I have spent two days now looking around and reading terms and conditions of different credit cards and what they have to offer. I had not realized that there are different cards for various reasons you may want one. Travel cards, cash back cards, reward cards, gas cards and I forgot what others. I am looking for a better cash back card myself. I pay my balance off each month and never have more than one card with a balance at one time. I do not like paying the banks interest on my purchases. Things are just expensive enough as it is. Besides, like I said above, you can get into the interest debt game and you can be in deep debt before you know it. Okay, if you have a smartphone, you have to get the CreditKarma app. It gives you your credit score within seconds of signing in and you stay signed in and only have to tap the app to see your score at any time. The other best feature I like is it will list all of the accounts you have open on another screen. Using the app it will tell you ways to make and keep your credit score high and in excellent 'A' territory. One rule I learned was never close an account. Credit history is what matters most I believe. If you close an account you just deleted credit history. Never missing a payment is a priority also of course. I have been looking for a new mortgage loan and after applying at three different lenders I find with each there is a credit inquiry that will take two points off my score. These inquiries are known as 'Hard' inquiries. Okay, I lost six points but I am not too worried about it as I am still over 700 and I am fine with that. I will make a decision soon to get a new cash back credit card. It is just a bit hard for me to accept that I will open myself up to yet another bank that will begin to send me more junk mail in my snail mail box on the curb. For years now I have tried to stop what was once an enormous pile of daily junk mail that I would have to weed through and toss most of it into my recycle bin or the shredder. But, now I am about to embark on slowly trying to get my credit score as high as possible. Just to see if I can. I like challenges. Take advantage of banks, don't let them take advantage of you. Have a good credit day! I took the time to search on Amazon a book about how to get the most out of credit cards. Even though it was published back in 2008 I could not find a bad review on the side panel. The electronic or Kindle edition is only $9.00. I may have to buy it and read through it. I have to wonder how relevant it is today though.