How to Read A Credit Report for Dummies

How to Read A Credit Report for Dummies
– If used strategically, tab cards can be an amazing tool. They can present you more flexibility in your spending, allow you to earn critical rewards, and you can receive advantage of utility with clear car rental insurance and purchase protection.

With appropriately many great signup bonuses and recompense programs available, you may be tempted to sign up for several rotate description cards. How to Read A Credit Report for Dummies

But can you have too much of a good thing? Below, find out how many report cards you should really have.

Average balance card numbers

Youve likely heard about people who juggle dozens of swap credit cards. before going that route, its a fine idea to look at whats normal for tally cardholders. According to Experian one of the three major description reporting agencies the average American cardholder has 2.5 tally cards when an average bill limit of $20,265.

That data shows that most Americans are fairly conservative later it comes to carrying credit cards. So, you shouldnt character pressured to sustain many alternating cards.

The minimum amount of bill cards you should have

That said, experts suggest that you have at least two bank account cards from different card networks. Why? It gives you tutelage and security. For example, lets say you by yourself have a Discover credit card. Not every merchants accept Discover, hence you could be left high and ascetic if thats the single-handedly card you have.

Or, one of your bank account card numbers could be compromised or stolen. If that happens and you abandoned have one card, you could be left unable to pay your bills.

Having two cards say, one Visa and one MasterCard helps protect you in these situations. If you unaccompanied want to have the bare minimum, you can use one card for your unspecified spending, and depart one in a drawer solely for emergencies. How to Read A Credit Report for Dummies

The maximum number of version cards you should have

When it comes to the maximum number of cards you should have, the answer is dependent upon your unique situation.

  • do you carry a balance? If you regularly carry a credit rather than pay off your verification in full each month, it may not be a good idea to sign up for other card. Carrying a version across compound cards can broken your credit, and can cause you to lose rule exceeding your debt.
  • do you have debt? If you have tall levels of relation card debt or personal debt, surcharge option financial credit card could make worse the problem.
  • do you have a high-interest financial credit card? If you have a bill on a high-interest version card, it may create suitability to sign occurring for substitute card as a result you can allow advantage of a low introductory APR behind a story transfer.
  • Are the further that you need? If you travel often, it may be worthwhile to sign taking place for out of the ordinary card in auxiliary to your main card to undertake advantage of perks with travel insurance.
  • Will you have to pay annual fees? Some description cards fighting annual fees. If you have several substitute tab cards, you may end occurring paying hundreds or thousands just for the sake of carrying the cards.
  • How organized are you? If you carry combination relation cards, you have to juggle combination bank account statements, due dates, and minimum payments. It can be simple to lose track. If you opt for several cards, create sure you have a trustworthy system in place in view of that you dont miss a payment.

Your answers to the above questions will help you adjudicate how many savings account cards are right for you.

How compound tally cards conduct yourself your credit

If youre thinking of applying for choice bill card, youre likely wondering how it will take action your relation score. How to Read A Credit Report for Dummies

When you apply for a card, the report card company will deed a hard checking account inquiry. A hard financial credit inquiry can subjugate your score by a few points, suitably its a good idea to increase out your report card applications to avoid damaging your savings account score too much.

However, having complex cards can furthermore addition your score. as soon as you have your cards in place, youll have entry to a larger credit limit. If you save your spending low, that means youll demean your relation utilization, a key factor in determining your version score. How to Read A Credit Report for Dummies

If you juggle several alternative cards and make all of your payments upon time, youll as a consequence add up your version because of your excellent payment history. How to Read A Credit Report for Dummies

Juggling combination relation cards

Its important to comprehend your own spending and report card direction habits since submitting your applications. In some cases, it may pay off to be more conservative and keep without help a couple of cards upon hand. However, commencement multiple bill card accounts can permit you to take advantage of reward programs and benefits, while boosting your bank account score.

Chase Freedom vs. Chase release Unlimited Which is Best?

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If youre looking for a unassailable rewards tally card, Chase offers some of the best options on the broadcast today. But behind appropriately many strong cards available, it can be difficult to find upon which is best for you.

If youre torn together with the Chase Freedom and the Chase freedom Unlimited cards, heres what you need to know to make an informed choice.

very nearly the Chase Freedom card

If you desire to earn rewards upon your routine purchases, its hard to stress the Chase Freedom card. Allowing you to earn a high rate of recompense upon your purchases, you can speedily rack occurring rewards.


The Chase Freedom card allows you to earn 5% cash back upon purchases made within rotating spending categories, which bend all quarter. For example, right now you can earn 5% cash back up upon taking place to $1,500 in total purchases at gas stations, toll plazas, and drugstores. That means you can earn stirring to $75 a quarter in cash urge on rewards. How to Read A Credit Report for Dummies

However, you have to manually motivate the category each quarter, otherwise youre not eligible for the 5% cash back. outdoor of the spending category, youll earn 1% cash encourage upon every other purchases.

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The Chase Freedom card has some nice benefits, including:

  • elongated Warranty Protection
  • Zero answerability Protection
  • purchase Protection
  • Auto Rental collision damage Waiver
  • trip Cancellation/Interruption Insurance
  • Travel and Emergency Assistance
  • Terms and Fees

The Chase Freedom card has no annual fee.

If youre impatient in getting an introductory APR for other purchases or credit transfers, the Chase Freedom card offers 15 months at 0% APR. After the promotional mature ends, the APR is 17.24%-25.99%. There is a 3% explanation transfer fee.

practically the Chase liberty Unlimited card

If you despise the idea of remembering quarterly spending categories, the Chase liberty Unlimited card might be a enlarged substitute for you than the Chase Freedom card.


With the Chase liberty Unlimited Card, you’ll earn 3% cash put up to on every purchases in your first year going on to $20,000 spent. After that earn total 1.5% cash back upon every purchases. Theres no infatuation to set in motion a category or save track of a calendar; the cash back is automatic. Cash urge on rewards complete not expire as long as your account is open.

As an bonus perk, the Chase pardon Unlimited card offers a forgive savings account score, updated weekly considering explanation Journey. How to Read A Credit Report for Dummies


Like the Chase forgiveness card, the Chase freedom Unlimited card offers several benefits, including:

  • Zero liability Protection
  • Purchase Protection
  • Extended Warranty Protection
  • Terms and Fees

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Like the Chase Freedom card, there is no annual fee. And, youll get 0% intro APR for both other purchases and tally transfers for 15 months. After that 15-month period ends, the APR ranges from 17.24%-25.99% Variable. This card comes next a description transfer spread of either $5 or 3% of the amount of each transfer, whichever is greater.