Can using mutliple credit card put me in trouble?

Question

I have 7 credit cards.... and i use 4 very reguarly... i have got into trouble with wrong billing once... and i really dont want to get into further trouble.

http://wealth.moneycontrol.com/showstory.php?id=5955

is there anythin beside billing cycle and interest rate that i should keep a tab on???

Answer 1

Yes, minimum payment, available credit, just to name a few. WIth the way the credit industry has went through what it has, you no longer have any margin for error. It's important to know EVERYTHING that's going on with your credit cards, because it all counts more than ever.

Some things that you should know:

1. Pay on time. More than the minimum payment if possible. If you can.

2. Ideally, you should keep the balances on all your combined credit cards at or preferably less than 30% of the available credit.

3. Ask for line increases periodically, as the line increases help your score because it improves the ratio of available credit to total debt owed.

4. Monitor your credit regularly, the credit card companies are. Any adverse activity to your credit report can lead to the credit card companies lowering your limits, or even raising your interest rates.

Follow these things, and you should be fine!

Thanks for reading and good luck!