Large Balances on your credit cards

  • Even if  you are current, having high balances increases your risk of “potentially” missing  a payment.  Keep your credit utilization to 30% or less of your lines of credit.

Ignore your spouse’s credit

  • While your scores may be separate, all joint accounts will impact both of you.  Some try to manage this risk by having everything in one name or the other.  This weakens your combined credit worthiness when applying for credit like a mortgage.

Sudden mass credit activity

  • Get several new cards at once because your credit score improved?  Close several accounts at once because you got a windfall, and have the cash to pay them down?    It is better to move slowly, Pay down cards, but keep them active to show how well you manage credit.

Co-sign for friends and family

  • Now you put your credit worthiness in the hands of someone else.  If you cosign – it shows as your credit – and – if they miss a few payments, it reflects on you, even if you don’t know.  If you are helping a son or daughter build credit by co-signing – make the payments yourself, have them reimburse you.

Ignore your credit score

  • The law entitles you to a free credit report once a year.  You should check every few months.  An accidentally missed bill, or a bill reported to your credit that’s not yours, can impact you negatively for a long time.
Marcadis Singer PA are debt collection attorneys, supporting the entire state of Florida.  We encourage you to pay your debts on time, preserve and manage your credit.  If you are behind, and contacted by a debt collection attorney, don’t ignore them, work with them.  It is our goal to resolve the debt, not destroy your credit.  If you are owed money, and need to collect, call us.  Let’s evaluate together wether it is time to call in the debt collection attorneys, or see if there are other avenues available to you.







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