Redwood Credit Union Millenial Home Buying Guide
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CREDIT SCORES & CREDIT CARDS: What You Need to Know The relationship between credit scores and credit cards is very much a two-way street. Your credit score (which reflects your credit history) will affect the interest rate you receive on your credit card. Conversely, how you handle your credit card will affect your credit score and the subsequent interest rates you'll receive on future borrowings. To minimize the amount of interest you'll pay and prevent a dip in your credit score, follow these guidelines: Always pay your bills on time Even if you can only afford the minimum payment, make sure you always pay your bills by their due dates. Try to keep your expenses to 30% of your credit limit For example, if you have a $1,000 limit, try not to spend more than $300. If you find yourself in a bind where you need more money, you have the option to apply for a credit increase. While it's not the end of the world if you spend a little more or increase your limit, practicing good habits can help keep your credit score strong. Check your credit report each year Simply go to annualcreditreport.com to request your free report. (You can request a free yearly copy from each of the three major credit bureaus.) Check to make sure all information is accurate and there are no signs of identity theft. If you have a loan with RCU, including a credit card, you can view your FICO ® Score for free in our online banking or mobile app. Discover a Great Way to Pay Need a suggestion for a great starter credit card? We recommend our RCU Visa ® Platinum card. You'll enjoy: Rewards points with every purchase Card management and alerts RCU's Zero Liability Guarantee And more! Rates as low as % APR* 8.99 No annual fee No balance transfer fee $0 30% CREDIT LIMIT IDEAL MAX BALANCE *APR=Annual Percentage Rate. Rate effective 8/1/20 and assumes excellent credit. All rates, terms, and special offers subject to change. Certain restrictions may apply. For cash advances at a non-RCU location, the greater of 2% of the advance or $20 will be charged.