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7 Common Mistakes That Can Lower Your Credit Score

Paying bills lateOne of the biggest factors in determining your credit score is your past payment history. While one or two late payments on your credit cards, loans, or other important obligations over a long period of time may not significantly damage your credit record, making a habit (or mistake) of it can count against you.

Not paying the minimum amount requiredI f you don’t pay at least the minimum amount due, your creditors will eventually report your account as past due, which can damage your score. Additionally, paying less than the minimum can result in late fees and additional

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Top 5 Credit Myths

Myth: Closing old accounts will improve my credit score.While many people advocate closing old and inactive accounts as a way from improving credit, it many cases it may actually lower your score, as it may change your debt-to-available-credit ratio and make your credit history appear artificially shorter. If you want to reduce your levels of available credit, ask for your credit limits to be reduced, or close newer accounts instead.

Myth: My score will drop if I check my credit.Checking your own credit report is counted only as a “soft inquiry” and doesn’t harm your credit at all. Only “hard

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