Peter Vilim Quoted by Money Geek on Common Credit Card Myths
By: Francis Financial
November 5, 2021
Peter Vilim, a Certified Financial Planner™ and Associate Advisor at Francis Financial has recently been quoted by Money Geek on credit card myths people shouldn’t believe and other credit card basics.
A common misconception about credit cards is that simply getting one will hurt your credit score. But this is not the case – “A credit card is, in fact, the first step people take towards building their credit score. While getting a new card may momentarily bump down your credit score, a well-managed credit card helps your credit score in the long term, making it easier for you to get loans in the future,” Vilim wrote.
When asked about the benefits of paying your credit card balance more than once a month Vilim wrote, “Keeping your credit card balances as low as possible is crucial. One of the main components in determining your credit score is the amount that you owe, so it could be beneficial to pay down your balance more than once a month if you’ve had a handful of large purchases in a short period of time. However, in many instances, paying off your credit card once a month should be fine, as long as you don’t miss a payment.”
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