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Common Credit Mistakes

If you are one of the many people who are anxious to get into the booming American real estate market, then good credit is a must and great credit is even better. Far too many people just go about their lives hoping for the best as far as their credit rating is concerned. Knowing how to play the credit game can give you the edge you need to do the deals you long to do. So start to learn to manage and build your credit rating by using a few help full tips.


KEEP ACCOUNTS OPEN
But be sure to keep their balances low. The longer an account stays open with no negative reports on it the better you look. So don't hurry to close out an account to get it off your back. Pay it down to the minimum and keep it there as long as possible. But bear in mind that having too many accounts can also look bad. You must have some though to establish credit.
 

USE REPUTABLE SOURCES FOR CREDIT
Using un-reputable and expensive lines of credit can work against you sometimes. So as quick as you can cancel your off brand credit cards and get established with a reputable and recognized bank or lender.
 

DON'T MAX OUT YOUR CARDS
Being maxed out on any credit card doesn't look good. So avoid doing this and if you are now, pay it down. Also if your credit cards have boosted their interest rate on you then pay it down to the minimum and replace it as soon as possible with a credit card with a lower interest rate.
 

NEVER LEND YOUR CREDIT
This alone has ruined far too many peoples credit. Never co-sign on a loan. If someone can’t get a loan then there is a reason for that. They are probably a high risk and you should think twice before you extend yourself in this way.
 

ALWAYS PAY EARLY OR ON TIME
If you have a problem remembering to pay your bills on time then learn to pay them early. Mail can often times cause delays and its little things like this that are so easy and unavoidable that can cause long lasting damage to your credit.
 

AVOID NAME MIX UPS
If you have used more than one name due to a divorce then make sure all your creditors have the one name you are using. Always use the same name when using credit. Make sure you fill out your name completely and plainly when applying for credit.



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