Saturday, July 19, 2008

Credit Cards and Credit Scores 101... (1)

While reading the newspaper and watching the TV news about how the things are going in financial markets (sub prime mortage crisis, foreclosures, the financial industry dealing with serious problems, layoffs...), the credit card issue acquires a predominant relevance.

Being a credit user and paying the underlying debt, the importance of learning how to use that card wisely, has become a key issue not only to be aware of but to know (either we have a credit card or not) the basics about using the card as well as how our credit score is created and how it works as our "financial mirror".

Since this issue implies many details to consider, we'll try to focus on a series of comments talking about credit score basics and how it works in order to have a bit better perspective and in the meantime, understand what credit crunch is and its underlying effects on credit cards.

Let's watch...

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