Good credit rating? Are you sure?

Credit card hopping has been a favourite of Busy Girls for years now. Most of us move our money from card to card to get the 0% interest rates banks offer each year.

But according to reports, one in ten of us will struggle to get a credit card over the next few months. Why? Well, it's down to poor credit ratings which I bet you didn't know you had.

Bad rating

Poor credit ratings don't just come from being overdrawn, getting court summons and missing utility bill payments you know. Now, you can get a black mark against your name for simply being a couple of days late with your credit card payments!

Yes - for missing a single credit card payment, you can remian in bad credit for up to 3 months.

Time to wise up and get prepared, so next time you need a credit card, you can get one with ease...

1. Pay by direct debit

The easiest way to avoid bad credit ratings is to pay your credit cards by direct debit - simply set one up as soon as you get the card, sit back and forget about it until your 0% term is over.

2. Pay more than your minimum

When you set up your direct debit, make sure you pay more than the minimum. Even if you're at 0% interest, you'll be grateful that you paid off more than you needed to.

3. Shop around

When you get your next card, make sure you shop around - there are some great deals out there & some fantastic credit card comparisons online. If you're transferring balances and want 0% on purchases too, make sure this is built into the deal - some offer one or the other.

November '07... latest deals available

Virgin Card - 0% Balance transfer for 15 months
Barclaycard - 0% Balance transfer for 14 months
Egg card - 0% Balance transfer til Jan 2009

4. Write down your end date

Write down the a date 4 weeks before the end of your 0% term finishes. It takes a good few weeks to get a new card and you want to get it applied for before your 0% term runs out. Don't miss the date!

5. Cut up the card

The best way to keep a good credit is to use the card for excess spending you have racked up to date, but don't add to it. Put the balance on your 0% card and then cut it up.

6. Watch out for the fee

You may get 0% interest on balance transfers, BUT, most banks will charge you a transfer fee of up to 4%. So, if you transfer £4000.00 you'll pay £100.00 to transfer to them. Check it out before you say yes.

Hope this helps Busy Girl, have a great day & don't spend too much!