Top 3 Credit Mistakes Which Will Harm Your Credit Scores

Credit scores are the financial measurement to determine your financial creditworthiness. Lenders like banks and credit card companies use these credit scores to know your financial ability. Thus is important to maintain your good credit scores. Let review the 3 top credit mistakes which you may make and harm your credit scores:

1. Missing Payment

Your credit score is count based on your credit history and how you have managed your current and pass credit obligations. Many lenders will use this piece of information to predict your future miss payment probability and it is important factor to approve or reject any of your loan application. There are three ways that missing payments will hurt your credit scores. They are:

• How Frequent are Your Late Payments? - Sometimes you may make your payment late due your busy schedule. But if you do it frequently, it may hurt your credit score seriously. Don't make the late payment as your habit; maintain your good credit behavior with your timely payment.


• How Recent is Your Late Payments? - The scoring model are designed to predict how you are going to pay your bills in the subsequent 24 months; your recent late payment records especially with the last 2 years weight a lot in your credit scoring. If you have lot of late payment records in your past 2 years, it is predicted that you will likely to miss more payment in the next 2 years. As such, your score will suffer.

• How Severe is Your Late Payments? - The severity of your late payment also plays a big part in your credit scores. The 90 days late payment hurt your credit score more if compare to 14 days late payment. If you are too busy to make your payment on time, don't late by too late because give a great negative impact on your credit scores.

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Cornie Herring is the Author from StudyKiosk.com. "StudyKiosk-Credit Basics" is an informational website on credit basics and debt consolidation.