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You are here: Home / Finance / 9 Credit Score Mistakes That You Can Fix Yourself
9 Credit Score Mistakes That You Can Fix Yourself

9 Credit Score Mistakes That You Can Fix Yourself

September 2, 2021 By Cade Hildreth Leave a Comment

Credit scores are tricky things.

If you think that all you need to do is pay your bills on time and avoid debt to get an excellent credit score—guess again. The truth is, it’s easy to fall into a bad credit trap and very difficult to get out of it.

Plus, with approximately one-third of Americans having a “fair” to “very poor” FICO score, it’s important to find ways to improve your credit so you don’t become a part of that statistic.

Here’s a list of common credit score mistakes, and what you can do to fix or avoid them.

1. Avoiding Credit Altogether

Building an excellent credit score presents something of a conundrum. Having no credit history at all is as deleterious as having a bad credit score.

So don’t avoid credit cards and loans completely. The idea is to establish some sort of credit history, and then figure out how to increase the credit score.

A good way to do that is to make small and recurring purchases with a credit card. Do not make an enormous purchase—like a new boat or luxury car that you’ll never be able to pay back—with your credit card. Instead, use it for small items, like groceries, or cellphone bills, that you think you can pay by the due date.

2. Closing Your Account

Shuttering a zero-balance credit card account might seem to be the best idea. After all, won’t it be a relief to finally rid yourself of that albatross?

But, in the world of credit closing a paid-off account will actually hurt your credit score. One of the problems is that it will reduce your available credit, increasing your credit utilization ratio. This is the ratio of your total debt owed to your total available credit, and it affects your FICO credit score.

So it might be better to destroy the credit card associated with the account, but leave the account open.

3. Using Credit Cards Only

Another important factor in establishing good credit is maintaining a diversity of credit.

One of the easy credit score mistakes to make, therefore, is to use only credit cards in your attempt to establish credit.

However, if you also make payments toward a car loan, a mortgage, and student loans in addition to your credit card lines, then you’ll a more diverse credit history. You’ll see a bump in your FICO score when your credit history is diverse.

This will account for approximately 10% percent of your total credit score.

4. Maxing Out Your Cards

If you’re one of those people who likes to max out your cards—spending at the utmost limit—well, you need to cut that out.

The problem is, even if you pay off your balance each month religiously, utilizing the full credit line can hurt your credit score. This all has to do with discrepancies between payment due dates and when the issuer reports your credit balance.

A good solution, if you’re determined to keep maxing out your cards, is to make frequent payments to keep your balance low.

5. Too Many Credit Cards

Sometimes, it can be easy to fall into the trap of opening up a store retail card in order to rack up those juicy discounts.

The problem is, having too many credit cards can adversely affect your credit score. Juggling all those different credit lines is hard even in the best of times, and it doesn’t take much to lose track and start falling behind on multiple bills.

So, opt for sales and coupons instead of an in-store credit card.

6. Overspending for the Points

Spending for reward points is one of the big credit score mistakes that you must avoid.

What this involves is trying to find ways to earn credit card rewards—whether in the form of travel miles, extra points, or cash back— by spending more money. But it’s easy to see how this can become a trap, and spiral out of control in ways that can hurt your credit score.

It gets dangerous when you begin to accrue excess bad debt, all because you’re spending more and more in order to earn money back. It’s a vicious circle that you’ll want to avoid.

7. Not Checking Your Credit Report

Don’t fall into the habit of not checking your credit report. This is an easy way to identify and fix problems before they get out of hand and ruin your credit score.

The good news is, getting a free credit score check is a cinch. You can consult your score free of charge at AnnualCreditReport.com.

This is the only federally authorized site that provides official credit reports from the three credit bureaus (TransUnion, Experian, and Equifax) for free.

Don’t fall for look-alike sites. Make sure to use the one listed above, or you’ll get charged unnecessary fees and be at risking of disclosing personal data that you should keep confidential.

8. Get Added as an Authorized User

Don’t be afraid to ask for help. This even extends to asking a trusted friend or relative to add you as an “authorized user” to an existing credit card.

The point is to help you establish a lengthier credit history, which helps your overall credit score. Obviously, you’ll only want to do this if the friend’s credit account is healthy—otherwise, it will end up hurting your score.

9. Not Paying

The worst thing you can do for your credit score is to not pay your bills on time. So it’s important to keep spending within your limits, and find ways to pay off your loans and credit payments in a timely fashion.

Of course, this isn’t always easy. Unforeseen events, such as job loss or medical bills, can hamper your ability to keep your payments current. So try to only make credit purchases and take on loans that you’re sure you can pay back.

Avoid These Credit Score Mistakes

Maintaining good credit is an unavoidable part of functioning in our society. By not making these credit score mistakes, you can open up many avenues for opportunity that would otherwise be closed to you.

The good news is, you can recognize these mistakes and develop habits and routines to avoid them. What other questions do you have about credit card mistakes? Ask them below and let’s discuss.

Join a half million readers who are learning Cade’s secrets, like how to budget, increase income, invest for cash flow, increase confidence, or lose 10 pounds, fast.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

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Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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#lgbtqfamily #nonbinary
How to set a boundary? 🤔 . . . . #lgbtqia #lgb How to set a boundary? 🤔 
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1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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