Announces the Most Common Credit Mistakes in 2013

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The personal finance editors at, (, have released their ranking of the top credit mistakes consumers commonly make.

Frequently missing payments, or paying them late, can significantly shave off points from a credit score.

Today,, a consumer services authority site that focuses on loan options for those people with poor or no credit, revealed the most frequently incurred credit slip ups. In an effort to help the public avoid these mistakes in the future, has offered suggestions to help overcome these credit troubles in 2013.

Making Late Payments
“Late payments are among the top causes of bad credit,” says Chloe Mulliner, editor of “Frequently missing payments, or paying them late, can significantly shave off points from a credit score.” The extent of this credit score damage is determined by how recent the missed payment was, how often the missed payments are, and the severity of the missed payment. Obviously, the more frequent and delinquent the late payment, the more damage it will cause.

Not only will delinquent payments lower credit scores, but they can also result in higher interest rates and late fees, which will only rack up additional money owed. It’s important to stay on top of monthly payments to avoid any repercussions, so mark calendars and planners, and set monthly reminders in an effort to pay the bills on time.

Closing All Credit Card Accounts
While some people cannot control their temptations to swipe their cards at every chance, and others struggle to keep up with payments, their common reaction is often to close their credit card accounts. However, the idea that closing credit card accounts will increase one’s credit scores is an unfortunate myth that could lead to even further credit score damage. In actuality, closing even just one credit card will knock off points on a credit score, while closing multiple cards at once can cause a significant dent in the user’s score.

Failing to Build Credit
Lenders, insurance companies, and even landlords look at credit scores to predict a candidate’s likelihood of making payments on time so it’s crucial to not only have credit, but also to have a favorable score. But regardless of the situation, anyone can build credit at any time.

There are numerous ways to start building or repairing credit, such as paying monthly bills on time, repaying debt, and changing poor spending habits. Applying for a credit card is another sound way of building credit, but only for those who are dedicated to paying the bills on time and using it responsibility.

About is a leading authority site on credit related consumer services, personal finance, unsecured personal loans for people with poor and bad credit, credit sources, credit cards, and all things credit.

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Chloe Mulliner
Bizx LLC
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