Your first credit card just arrived in the mail.
It all depends on what you do next.
Open that envelope and lets get started.
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Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
People who suggest that are doing a disservice to the majority of card holders.
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1.
But leaving your card to gather dust in a desk drawer doesnt help build your credit history.
As an alternative, set up your card for paying a bill.
Pay it off every month you only need one purchase a month and youre building credit.
Dont want to commit to a subscription?
Youre still building your credit.
Dont carry it with you into any kind of consumer situation no store, no restaurants.
That way, youll always know where you stand with your card and your bank balance.
Sorry, but this one really cant be emphasized enough.
There is no justification for and no benefit to carrying a balance, according to Christensen.
Youre better off paying your balance each month and building a solid credit history.
First, sign your card as soon as you receive it.
If you have non-chip card, youll swipe it through a slot along the side of the machine.
Expiration date: Typically listed on the front of your card in month/year format.
Youll also need to add the address of your credit card mailing address to complete the purchase.
Tiffany Wendeln Connors is a staff writer at The Penny Hoarder.
Data Journalist Alex Mahadevan contributed to this article.
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