Stop Credit Trouble Before It Begins


We all hit some bumps in the road financially. I’ve included a link to an article covering five common mistakes that will play havoc with your credit score. If you can avoid them, do.

Basically, missed and late payments are the most common pitfalls, and can cause big trouble to your credit score. At the very least, call the creditor and explain your situation. Sometimes, they’re willing to work it out with you one a 1:1 situation.

The higher your debt is compared to your income, can be a red flag. What if you lose your job? What if an unexpected expense arrises?

A store offers you 15% off today’s purchases if you apply for their credit card. Just say, “No.” Every time you apply for credit, it’s recorded, and if you apply frequently, it makes it look like you don’t have money – but continue to shop. Also, the more credit cards you have, the more you may feel free to use them. Ah, been using That one too much, I’ll leave it home—and use this one today! And then there’s the past mistakes that show up. Bankruptcies, tax liens and the like. These are called “public records.”

All this information stays on your credit report for seven years. Check your credit reports to insure what is on your report is true and timely.  Here’s a link to credit report info from an earlier blog of mine.

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