Secrets of Success

When Credit Card Debts Are Paid, Don'T Shred Your Cards



You need a good credit score to get the best rates on insurance (auto/home) & be eligible for loans and cash-back credit cards. You also need credit cards for car rentals, airline tickets, motel reservations, roadside emergencies. So keep 2 or 3 credit cards that pay cash back (usually 1%, sometimes more). Use them several times a month for small purchases (never more than 10% of your limit) & pay them off every month... (Click title for more info.)

More Information:

Even if you have paid off your cards in full, make sure you still have credit cards for the benefits listed. A loan for a medical emergency or co-signing a college loan for a child may necessitate a high credit score. (Source: Sept-Oct 2010 AARP Magazine.)

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Member Comments

    It's also pretty important to have a back-up card on hand, just in case your normal credit card gets compromised. We had someone use our card number fraudulently, and fortunately the credit card company caught it immediately. They closed the account and opened a new one, but we had to wait a few days before the new card arrived. The weird thing is, we were scheduled to travel abroad the very next day that all this happened. And it would've been a bummer to have to fuss with cash or travelers checks. Fortunately we had a spare card. - by SERENITYTODAY
  • I AGREE!! You pretty much need a card of some sort to do anything these days! Finally time I hear someone that agrees with me!! :) - by JENDOOD
  • Good advice Thanks - by KATYBUG48

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