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Credit Card Bad Credit

Mistakes That Can Give You Credit Card Bad Credit

There are many mistakes that people can make can give them credit card bad credit and reduce their credit score by a significant amount. Many of these mistakes are things that people do not realize will affect their financial future as much as it can but the truth is that many things can result in credit card bad credit and reduce their credit score very quickly. People that avoid these mistakes are able to keep their credit score high and the interest rates charged by their creditors low.

A common mistake many people make that can cause credit card bad credit is not safeguarding their credit card information. There are thousands of scam artists and thieves using actions designed to get credit card account numbers or security codes so that they can make purchases on the internet and have the items delivered to a different location. These mistakes typically happen when people are distracted or not paying attention to the information that they are giving to a person or a business that they do not have a prior relationship with. Often, the person will not be aware that their personal information or credit card account has been used until they receive their statement and find charges that they do not remember making.

The most common mistake that people make that will result in credit card bad credit missing a payment on one of their credit card accounts. Some people are under the impression that a missed payment on their credit card will not have any affect on their credit besides having to pay a fee for missing the payment. These people are willing to accept the fee to avoid paying the minimum payment when it is due. What they don't realize is that a missed payment will also show up on their credit report, contributing to credit card bad credit and lowering their credit score by a significant amount.

Another mistake that causes credit card bad credit is to use the entire amount of available credit on a credit card and then carry the balance for a long period of time. In addition to the hefty amount of interest that will be charged to the account for carrying a balance, people that use more than 60% of their available credit are considered to be a credit risk by the credit card companies. Credit card companies base their decision to extend credit on formulas that rely on statistics and credit scores are calculated in the same way. In recent years, there have been many people that were not approved for loans, mortgages, or credit cards because they had used a significant portion of their available credit and were tagged as having credit card bad credit. Making mistakes when using your credit cards can end up costing you a lot of money in the long run so it is important to avoid making the mistakes that result in a bad credit rating.

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