1. Paying only the minimum payment
many people get hooked on the low minimum payment and forget to consider the monthly interest rate. Every month you go without paying of that balance, a interest fee is added on top of the current balance. Which can quickly get ahead of you.
2. Loaning out your card
Here is an area where it’s best to be stingy. Many people find themselves helping friends/family by loaning your credit card to because they need some help. And then comes the time to make the payment and that friend does not have the money. Now you are stuck with a larger balance and no extra money to pay to it when the statement comes.
3. Maxing out your card
when you charge more than 30% of you credit limit, this reflects poorly and will begin to drop your credit score. It is best to stay mindful of your percentage if your goal is maintaining good credit. Or atleast avoiding a drop in your score.
4. Late payments
huge no no! Even if you don’t have a lump sum and can not pay the balance in full. Make sure you make the minimum payment a priority. Like any bill, late payments brings about late fees and poor credit scores.
5. Closing your credit cards
it’s best to not close credit cards and just refrain from using them. Closing a credit can reflect badly on your credit score and may cause that credit card company not to consider you in the future.
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