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More often than not, people fall into the trap of credit card companies and end up having several credit cards, having very little or no use for most of them. Some people, on the other hand, will tend to over exploit their credit powers and end up in debts of several thousands of dollars. This mainly occurs due to negligence on the part of the customer and their inability to control their purchases. This tends to ruin their credit card history, thus affecting their credit score. Once this happens, the person will never be able to obtain an unsecured loan or any more credit cards from the same company or from any other credit card firm. Thus, maintaining a clean credit card history is healthy for your credit score and for your financial future too.
There are several ways by which one can ruin his or her credit card history. One major factor would be meeting deadlines. A single missed payment or even a delayed payment can have drastic effects on your credit score. Making a late payment, or worse, not making one at all, invites a series of charges on your credit card. Firstly, you will be fined for not making your payment. The second and most expensive effect would be in the form of increased interest rates. Other factors that could alter your credit card history for the worse would include exceeding your credit limit or merely paying up the minimum amount due each month. Though, the latter factor won’t hurt as much as not paying at all.
Maintaining a good credit card history in Canada is a major criterion for acquiring a credit card from popular companies such as Capital One. Depending on your credit score and credit card history, you will be eligible for their several credit cards. If the score is excellent, you will definitely be eligible for their high profile cards which come with several bonuses and cash back offers. The interest rate offered by Capital One is the bare minimum when compared to other firms in the market. However, in Capital One it becomes all the more important to keep a good credit card history and avoid skipping any payments. If this is not done, Capital One has the right to shoot up their interest rates which will be way above the rate offered initially. What is Credit Card History?
