Common Credit Mistake You Must Avoid

Your Credit Safe
Having credit cards is the best way to pay your expenses and build your credit. But misusing and maxing out credit out can damage your credit score and got you charged extra money. Here are some common credit mistakes maybe you are doing that and how you can avoid these common mistakes and keep your credit safe.

Month to Month balance carrying
A lot of people still believe in carrying a balance on a credit card will help them to improve or increase their credit score, to be honest with your guys it’s a myth don’t believe that. In America, 25% are still carrying balance month to month to just improve their credit score.
On the other hand, If you are carrying a balance month to month will hurt your credit and charge you some money.
Paying Minimum Payments
Why you should pay minimum payments? It's not beneficial to pay the minimum due amount. Not clearing your bill harms your credit score and charges you extra money on your total bill amount, like interest rates of your due bill.
Payments Missing
Missed or late will hurt your credit score, Missing or late payments means a drop of 17 to 83 points for 30 days delay & a 27 to 93 points drop for 90 days. However, If your payment is less than 30 days so it will not harm your credit score.
You may set up Autopay to never miss payments or save your credit safe
Ignoring to review your billing statement
It's good and also important to have a look at the listed transaction on your bill are accurate and you can take action against if there is a transition mentioned not done by you. You can review your monthly statement to check errors.
Cash Advance
Never takes advance cash from your credit cards, it’s the highest riskiest thing for your credit score. Immediately interest starts accruing on the amount of your withdrawal and it would more than 10 – 15 %.
Credit Card Max Out
Using all the amount of a credit card and maxing it out is never a good idea. Your utilization rate will become very high, which can decrease your credit. Your used credit amounts turn into your utilization rates and we all know, as low your utilization rate is good for your credit.

Applying for multiple cards
Whenever or any time you apply for a credit card, a new inquiry occurred in your credit report. The more inquiry appears in less period, the higher risk appears to lenders credit. Always apply for a credit card when it is necessary otherwise you should ignore them.
Credit Card Closing
Having a credit card for a long time is a significant factor in increasing your credit score. Closed a credit card, always affects your credit history.
Conclusion
As we know how important is credit score and matters in your life. Good credit can make you eligible for a Home loan, a Construction Loan, or a Mortgage at less interest rates. To know more about how to rebuild your credit score please visit rebuildcredittoday.com

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keep Your credit safe by avoiding that Common Mistakes.
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