Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Rebuilding Credit and other Credit Report topics.
If you have a good credit score, it's not very hard to get more credit under your name. You can ask your credit card company for a larger credit line, or take advantage of one of the many offers you probably have mailed to you on a regular basis -- the credit card companies keep close track of who has good credit scores and regularly offer pre-approved credit to them. If your credit score is high enough, your credit card company might even simply increase your borrowing power without being asked.
But the questions you need to ask yourself include the following:
* Do I really need this credit?
* Am I being responsible? Do I have the means to pay back this credit if I use it?
* What are the terms and conditions of this credit card?
It all comes back to personal responsbility: If you borrow it, can you pay it back on time? If you can answer yes, go ahead and do it. But if you can't absolutely say that your spending plans are necessary and fiscally wise, you should be thinking twice about increasing your credit.
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Patricia Walters-Fischer |