Law Office of Ginger C. Cord, PSC
Free Initial Consultation

Avoiding credit card mistakes in Kentucky

The average consumer in the United States has a FICO score of 695. However, the average millennial has a FICO score of 670, and part of the reason for this is their propensity to apply for credit cards that they cannot obtain. Another mistake is their propensity to apply for credit cards too often. Ideally, an individual will wait at least six to 12 months between applications.

On the other hand, not applying for credit could also have negative consequences to millennials' credit scores. According to a survey by NerdWallet, 31 percent of millennials have foregone credit cards altogether. Having a limited credit history may have an impact on whether or not an individual can get good rates on insurance policies or qualify for car loans. Another issue to worry about is using the entire credit limit on a card, which could trigger a penalty rate that is an average of approximately 28 percent.

One of the best ways to keep credit card debt under control is to make payments on a timely manner. Those who make a late payment could try to call their credit card company and get late fees waived. found that those who call and ask for late fees to be waived had a success rate of 86 percent.

Those who are struggling with credit card debt may wish to consider filing for bankruptcy. Filing for Chapter 7 bankruptcy could eliminate the debt within weeks and keep debt collectors away at the same time. An attorney may be able to explain other benefits of bankruptcy, including the possibility of restoring a debtor's credit score within a couple of years of the formal discharge.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How May I Assist You?

How May I Assist You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

Toll Free: 800-762-6916
Phone: 859-963-2073
Fax: 859-254-2192
Lexington Law Office Map