Toyota Rav 4
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Don’t Make These Credit Mistakes
By Groshan Fabiola
A good credit score is not only vital to financial health, but to many other aspects of your life as well.
But what many people do not realize is that there are many things they can do to unintentionally sabotage their financial picture and their credit score as a whole.
The credit score is a very sensitive thing and can be greatly affected by things that the regular consumer does that they think will have little or no affect on their score.
But the opposite is actually true.
Everything from opening or closing a credit card, to even moving can affect your credit score – and most of the time it is for the worse.
A recent article featured on AOLMoney.com, “Top 5ive credit score mistakes,” discusses the most common things that consumers do to hurt their credit score that are actually quite easy to avoid.
The number one thing that consumers do that drastically decreases their score, and thus prevents them from receiving favorable rates and terms on a loan, is missing a credit card payment.
“It goes without saying that late payments hurt your credit. What many people don't realize is how much. ‘Being reported as delinquent in paying your bills is the biggest whammy for your score,’ says Craig Watts, a spokesman for Fair Isaac, the company that calculates FICO scores. A single late payment could sink you by as much as 100 points, especially if your credit history has been good up to that point.”
The next common mistake that people make is maxing out their credit cards. Even if a person has a perfect payment history but has used up the available limit on their credit card, their score will suffer.
Be sure that you never use more than half of your available
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