Top 10 credit mistakes to avoid

No number has as far-reaching an impact on your money as your credit scores. Here are some obstacles you should dodge on the road to financial security.

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VIDEO ON MSN MONEY

146Comments
Oct 18, 2013 5:03PM
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Your so called "Credit Score" is total hype to generate money for the credit agencies.  The "score" you get is NOT the score given to the company you applied to.  There is a separate and different score for Banks, Real Estate Lenders, Employers, Landlords.  The entire system needs a complete overhaul starting with a multi-billion dollar class action lawsuit Experian, etc.
Oct 18, 2013 5:15PM
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Stay away from banks ! Go with a Credit Union !
Oct 15, 2013 11:47AM
Oct 18, 2013 5:06PM
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DONT MAKE MINIMUM PAYMENTS  IF POSSIBLE

HORRIBLE WAY TO DECREASE DEBT

Oct 18, 2013 5:38PM
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the credit companies dont want you to have perfect credit  they want you to have blemishes so they charge you high rates of interest   the credit industry is on of the most unregulated businesses there is next to the stock market and wasington politics   look at who wrote the article
Oct 18, 2013 4:42PM
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Left out the biggest 'must do'.  Don't buy what you can't afford to pay for.  I see people in grocery stores buying $3.22 worth of snacks and paying with a credit card.  And yes, I know the difference between a credit card and a debit card.
Oct 18, 2013 4:58PM
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should I send a link to this to the white house or the president????

I guess it wouldn't apply to them anyway??? LOL

Oct 18, 2013 5:21PM
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30% of $3,000 is $900 not $1,000.  Seems like pretty simple math. A mistake like that should have been caught.
Oct 18, 2013 6:56PM
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I'm in. The whole credit reporting system does indeed need to be overhauled. I went to the FTC asking pertinent questions only to get the same reply. A copy of the fair credit report. blah, blah, blah. If you contact the agencies directly, all you get are run arounds. Who owns them ?What is written in the laws of the land concerning them ? Where is it written that your records are to be kept for seven years or more.How many hidden codes are there ? Like everything else if the people don't unite to get done what the people want done,only complaining only to ourselves, things will remain the same as usual...........THINK ABOUT IT

Oct 18, 2013 5:14PM
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Here's another mistake you don't want to make.

Don't "Play by the rules".  That can really hurt you.

I played by the rules.. payed more than the minimums on four accounts without fail.  My income to debt ratio was stellar.

Unbeknownst to me, the companies I was dealing with were lowering my credit limits and not telling me, thereby making it appear that I was using a higher percentage of available credit - which was originally  not the case.

Play by the rules = watch your credit score go DOWN by 100.

Oct 18, 2013 5:54PM
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Getting a credit card in the first place is a BIG mistake and one of my greatest regrets.
Oct 18, 2013 6:16PM
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Doesn't cost me a penny to take cash out of an ATM. Oh, wait. I have a *debit* card. I haven't had a *credit* card since 1999.

 

Never mind.

Oct 18, 2013 5:26PM
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Live cash only cut up the credit cards, don't live above your means. Don't have children before you have two months of wages in savings. The end. Follow this advice and you'll do well. 
Oct 18, 2013 5:59PM
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I find that maxing out my credit cards reduces the chance of identity theft; At least I wish someone would steal my identity.
Oct 18, 2013 9:26PM
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I never have problems with credit cards. In have six or seven and pay off each in full every month. I have not had to pay one cent interest or any charges at all. I am debt free and and have a rather good credit rating. I check my bills every month and see that there are no false charges.
Oct 18, 2013 7:25PM
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i had been useing  DEBIT CARD for  100% of My purchases for over 5 YRS. ; applied for Mortage & was told "Not enough Credit History/lack of Credit References" : Apllication DENIED ; so now I have opened 2-Credit cards & started charging 100% of My purchases , plus I received $100.00 for opening one of the cards(statement credit after 5 transations) , sure beats one of those "secured" cards that you pay $175.00 up front , leaveing You a balance of $525.00 for charges .  all this activity has caused 1-score to rise about 10pts , 2nd.-score to drop by 40pts     & 3rd-score to stay where it was during a 8mth. period of time . ; bottom line: if you dont have Credit History Your going to be in trouble when applying for  Big Ticket Items(Mortgage,Car,Etc.)
Oct 18, 2013 7:28PM
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Patricia, who has their hands in the pockets of the banks? Conservatives, laughable.....Goerge Soros Bill Gtaes, Warren buffet, John (Heinz) Kerry, Al Gore, Henry Reid, Nancy Pelosi. Remeber Corzine? The list goes on and on.

There are more "rich" Democrats than Repulicans. Your Koolaid has been spiked.

Oct 18, 2013 6:36PM
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Try not using one all together.  Cut them up!  Pay with Debit card for purchases requiring plastic.   You just might become rich in the process.  Feel sorry for those down voting this one - you're never going to get ahead and blame others.

Oct 18, 2013 6:10PM
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What is this Money Center?  Hopefully, it's not a way to grab more money from people. 

 

Auto-bill payers are terrible.  Try to stop an auto-bill and see what happens.  You'll be charged fees, or it will keep taking money because some items are in the middle of being "processed."  You can't expect your bills to automatically be paid if you lose your source of income anyway. 

 

I am convinced they are affiliated credit card companies now--get credit cards, purchase $1,000, hope you can afford to pay the bill and that it gets processed correctly and on time.

 

It is good advice to watch for fraud and never to co-sign a loan, but the rest of this really is bad advice.

 

As was pointed out by Canarya**, 30% of 3,000 is 900, not 1,000.  I know sometimes these errors happen, but really, this is a simple one and should be fixed.

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