Taking a cash advance often happens because you are in need of cash immediately. If you have taken out a cash advance, now is the time to begin planning a good financial future for yourself. If you want to get on a better financial footing, you will need to build up your credit and start saving money. Though both of these are a marathon versus a sprint, you can get started on building better credit with these three tips.
1. Apply for a low limit credit card
After you take care of your emergency with a cash advance, you should start to build credit. If your credit is not good or it is in its beginning phases, look for credit cards that advertise specifically for those who have a low credit score. These cards are likely to have a lower limit, or you may have to put up a deposit in order to be approved for the credit card. Start out with these cards plus store credit cards that are easy to be approved for.
2. Pay off the cash advance with your credit card
As soon as you are approved for your new credit card, you should use the cards to pay off your cash advance. This will help to stop the interest charges, which will save you cash in the long run. Charge the cash advance to your credit card as soon as you are approved for the card. If the card limit balance is not enough, you should pay the remainder in cash or via your bank account. By putting the cash advance on your credit card, you can start using the card to build credit. You can also make small payments instead of having to make a large chunk of the payment at one time, which will give your finances a needed reprieve.
3. Put the extra cash in a savings account
Once you have put your cash advance amount on your credit card, you should begin to put the money that you are saving on your cash advance payments into your savings account. A savings account is the best buffer against any future financial issues. Being able to withdraw money from your bank account in order to deal with extra expenses will save your wallet and nerves. Pay down the cash advance by putting half of what the cash advance payment would be towards the credit card and the other half in your savings account.
For more information, contact a company like Cash Depot Inc.
Share27 June 2018
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