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image of credit cards in a pileYour credit score can make or break you. Too low, and you could have trouble qualifying for a mortgage loan. If your credit is a little less than perfect, don’t worry. There’s always room for improvement. Don’t fall victim to these credit mistakes and learn how to take control of your credit score.

Not Establishing Credit.

Credit can be scary. If you lose control you could rack up some hefty debt. However, no credit is bad for your credit score too. Without establishing any credit, you won’t be able to qualify for a home loan. Be cautious when establishing your credit. Start slowly and don’t make any purchases that you know that you won’t be able to pay back.

Letting Your Credit Report Fall to the Wayside.  

It’s important to check your credit score, but it’s not the only thing that you should be keeping an eye on. You need to regularly check up on your credit report. That way, you can monitor how your credit is doing and you can prevent any errors from getting out of hand.

Ignoring Your Credit Utilization Score.

Most people think that if you pay off your credit every month, your credit will be fine. However, there’s more involved when it come to your credit score. It also includes the credit utilization score that calculates how much credit you use in relation to your total credit limit. If you keep using all your credit every month, you could be hurting your score. Try to minimize how much you charge so that your credit utilization ratio stays around 30 percent.

Not Reading the Fine Print.

When it comes to your credit, don’t agree to all the terms and conditions until you fully understand them. Most of us sign without reading, but it’s important to know what you’re responsible for so that you can plan accordingly. Know what additional fees may apply and what will happen if you miss a payment.

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