7 Common Mistakes That Can Lower Your Credit Score

I think the following raises some excellent points about Credit Score. I’ve included a few of the highlights for you to get the gist of the article:

1. Paying bills late - One 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.

2. Not paying the minimum amount required -If 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 interest charges which can add up quickly.

3. Keeping debt levels too high -If you “max out” or already owe a lot of money on your credit cards, potential creditors may question your ability to repay. Creditors also use this information to evaluate loan approval or interest rate charges (higher interest rates are used to compensate for higher risk).

What do you think? Maybe you’d like to read on? Check out the full version here…https://www.whatsmyscore.org/facts/7mistakes.php - then give me a call to discuss how this might impact your own business: (0418) 708-112. Alternatively, email me at [email protected].

Thanks,

Melissa