Summary
First-time credit card users often stumble into costly habits that can damage their finances and credit scores. Many pay only the minimum, allowing interest to pile up and prolong debt. Others max out their cards, pushing utilization above recommended levels and hurting their credit. Missing even one payment can significantly drop a score and linger for years. Beginners also misuse cards for cash advances, triggering high fees and instant interest. Applying for multiple cards at once results in hard inquiries, which can lower your score. Finally, closing a paid-off card can shorten credit history and reduce available credit, undermining long-term financial health.
The Motley Fool
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