Are you wondering how to pick a good credit card?

You can use this scorecard from Cooperative Federal's Financial Education and Development department, to keep track of some key questions - and answers - from credit card issuers as you shop around.

Tips for Using Credit Wisely:

• Always pay off the balance in full each month.
  If you used the card for a major purchase and can't pay it all off, be sure to pay more than the minimum payment.
  If you have $600 on a credit card at 17% APR, and you are making minimum payments of $15, it will take FIVE years to pay off - and you'll pay $300 in interest!

• Ask yourself a few simple questions:
  - How many hours of work does this purchase equal?
  Is a $15 fast food meal really worth 1 1/2 hours of work time?
  - Does this purchase move me toward my goals in life?
  - Is this something I need or something I want?

• Keep your balance below 30% of your limit.
  This is important for your credit score. The score calculation takes into account how "maxed out" you appear to be - so if you're right at your credit limit, that doesn't look so good. The optimal score goes to about 30% of the limit.

  Other Resources

  Credit Building Workshops - Cooperative Federal holds Credit Building workshops throughout the year. Call 476-1451 to sign up for our next class.

  Federal Trade Commission, www.ftc.gov, has information on consumer rights.

  Info about proposed legislation, on further regulation for the credit card industry:
  http://www.creditcards.com/credit-card-news/unfair-practices-credit-cards-1282.php

  Note: Cooperative Federal is not responsible for content of external websites.