Maintaining healthy credit takes persistence and dedication. Financial freedom is something that many people strive for, but there may be things you’re doing that are causing you to take a step back from achieving said goal. For the best financial legal aid Milwaukee has to offer, look to Burr Law Office. Here are a few things mistakes people often make that can damage their credit.
Applying for cards when you don’t need them
Retail store and gas credit cards often seem very appealing. Free merchandise, added discounts, and other benefits may be great, but you could be hurting your credit score if you open too many. What most people don’t think about is the astronomically high interest rate most of these cards possess. Credit card offers you receive in the mail can also seem like a great deal, and some are. The important thing to remember is that you should open cards just to have those perks. It’s good practice to only apply for credit when you need it.
Cosigning on loans
When it comes to family, saying “no” can be one of the hardest things to do. When you cosign a loan, be it for a car, business, or any other purpose, your credit rating will be affected if there are any issues. Only agree to cosigning if you trust the person will be responsible with the loan. You don’t want to jeopardize your relationship over something like a loan.
Charging major expenses
One of the biggest mistakes people make is charging huge expenses to their credit cards without having the means to pay them back. Vacations, jewelry, cars…you name it. These types of expenses should only be charged to a credit card if you have the means to immediately pay them off. Just because you’ll get miles or rewards doesn’t mean you should risk your credit.
For more legal aid Milwaukee, contact Burr Law Office. Our experts will help keep you financially safe and secure.