Up and Down the Credit Coaster

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Over the years I've been up and down the credit roller coaster.  In general I've always made positive progress towards building and refining my credit.  Some years I had very good credit when my income or revenue was down in some years I had credit that was stalling when my revenue or income was up.

Regardless of the scenarios I was tension and I was work to maintain that credit.  It's not something that I enjoy doing but I look at it as a necessity just like doing laundry or taking out the trash.  Maintaining good credit is a function very similar to keeping up with your bills.

Recently a great deal of attention has been brought politically towards the major credit card companies and banks in the United States and the United Kingdom.  Reform is in the air and it would appear that many legislators are finally starting to look at removing some of the problems that have led towards predatory lending.

One of the things that we all must do to ensure that we maintain good credit, is to get rid of Bad Credit Credit Cards. Matter how good your credit is it's likely that at some point in time or another you're going to end up with a credit card that goes bad on you.  Just like a sour grape, a credit card can go from being one of your favorites and most trusted cards with great deals and traffic rewards to being one of your highest interest rate cards with terrible looking penalties and no other benefits.  When that happens you need to make every effort to get rid of that credit card.

Tip!

For whatever reason that card is gone bad on the vine and you need to search out a better grape.  Go find yourself a better credit card with better rates and better rewards and start fresh again.  Beware that doesn't a surly mean that you should cancel your account that old credit card, as that could have a negative impact on your credit score.  It's usually best to keep that old credit card open which increases your available credit and decreases the percentage of your debt outstanding compared to your credit limit.  That's a positive indicator for your credit score.