Military members are more likely to have a credit card than civilians.
They’re also less likely to pay their balance in full.
Those findings come from a 2010 survey conducted by the FINRA Investor Education Foundation. They also suggest that some military members may be struggling to stay afloat financially.
Carrying credit card balances can harm your credit score and make it difficult to secure car loans, home mortgages and other financial tools. And that means it’s important for U.S. service members and veterans to consider what charges, if any, they should put on a credit card.
Here are some major Do’s and Don’ts when it comes to using credit responsibly:
Delivery insurance and protections against damaged or lost products are major benefits of buying with a credit card. Some credit card companies offer rewards for tickets, but find out which events are part of the rewards program. The same goes for gas purchases, which might earn 3 to 5 percent cash back.
Spend wisely and only when you know you’ll be able to pay off the balance without accruing interest or late fees. Know what to buy and what not to buy while keeping your cards’ balances at or below 30 percent of their credit limit.
Your Certificate of Eligibility (COE) verifies you meet the military service requirements for a VA loan. However, not everyone knows there are multiple ways to obtain your COE – some easier than others.
Credit score requirements vary by lender. However, most lenders have similar criteria. Let's look at the minimum credit score for a VA loan and what lenders typically expect.