How to use revolving credit responsibly

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Using revolving credit responsibly is important to avoid impacting your credit score negatively. Always spend wisely.

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You can also pay more than the minimum payment whenever possible to reduce the balance and avoid interest.

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Keeping your credit utilization ratio below 30% is another important tip for managing revolving credit wisely.

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When you open a revolving line of credit, the lender sets a credit limit: the max amount you can use from that account.

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Every time you spend from the account, it reduces available credit. When you pay, your available credit goes back up.

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Applying for revolving credit is the same as any other type of loan. Make sure you only apply if you need it.

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Shop around to see what offers are available from different banks, credit unions, and credit card issuers.

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Make sure you pay special attention to credit limits, interest rates, and fees when comparing offers.

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Use revolving credit responsibly as it can impact your credit score. Any missed payments or delays can cause a drop.

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