Take Charge of Your Credit
courtesy of FTC
The holiday shopping season is in full
swing. Whether you're shopping online, by phone or at the mall,
chances are you'll use a credit card for some of your purchases.
The Federal Trade Commission offers these tips to keep in mind
when you shop.
1. Keep track of your spending.
- Incidental and impulse purchases add up. Remember credit
cards are just like loans -you have to pay what you owe.
Owing more than you can repay can damage your credit rating.
That can make it hard to finance a car, rent an apartment,
get insurance - even get a job.
- Pay your bill on time, and in full, if possible. If you
don't, you'll have to pay finance charges on the unpaid
balance - and it takes forever to get caught up if you just
pay the minimum.
2. Keep an eye on your card and account
number.
- Never lend your credit card to anyone because you're
responsible for paying the bill. Any problems with the bill
can damage your credit rating.
- Don't sign a blank charge slip. Draw a line through
blank spaces on charge slips above the total so the amount
cannot be changed.
- Never put your account number on the outside of an
envelope or a postcard.
- Be cautious about disclosing your account number over
the phone unless you know you are dealing with a reputable
company.
- Carry only the cards you anticipate using to help
prevent loss or theft.
- If your credit and ATM cards are lost or stolen, report
it to the card issuers as quickly as possible. Many
companies have toll-free numbers and 24-hour service to deal
with such emergencies. Follow up with a letter, including
your account number, when you noticed the card was missing,
and the date you first reported the loss.
3. Keep good records
- Save your receipts. Compare them with your monthly bill.
Promptly report problems to the company that issued the
card. Usually, your statement will provide instructions for
disputing a charge.
- If you order by mail, phone or online, keep copies or
printouts with details about the transaction, including any
warranties, or return and refund policies if you're not
satisfied. You should have the company's name, address,
phone number, the date of your order; a copy of the order
form you sent to the company or a list of the items ordered
and their stock codes, the order confirmation codes and the
ad or catalog from which you ordered.
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