Monday, December 13, 2010

Common credit mistakes

  • Using expensive or undesirable types of credit costs too much and is
    negatively scored
  • Accumulating too many lines of credit or too many credit cards causes
    credit report remarks like "too much consumer credit."
  • 3. Only paying the minimum due keeps balances too high. make sure you make
    it a habit to always pay more than minimum
  • 4. Maxing out your credit card will drop your score dramatically
  • 5. Cash advances from Credit cards cost higher interest rates and credit
    cards companies love you, when you do that
  • 6. Exceeding limits and having to pay over-limit fees is a negative with
    creditors and causes "high proportional amounts owed" remarks on credit
    reports and subtracts credit score points.
  •  Charging more than you can afford causes a snowball effect of debt
    with no easy way to pay it off.
  • Ignoring credit problems causes unnecessary negative impact. Talk to your
    creditors, and give them a heads up that you are about to be late. This wont
    always work, but sometimes creditors wont report it to bureaus
  • Always report change of address to your creditors in a timely manner


AmeriFico -
Credit Repair
& Analysis

Dallas, TX

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