We live and work in an economy which relies on credit. Without credit transactions, we wouldn’t be able to enjoy many of the goods and services we use on a daily basis. Whether you are a business owner or homeowner in Chicago, it’s crucial to repair your credit score when necessary. Here are a few common credit mistakes and what you can do to repair them:
- Interest Rates and Fees on Your Credit Card - Chances are that you own a credit card. Although you may know your credit card’s limit, are you aware of all of the associated interest and fees for carrying a balance? Over time, you may find out that your card is costing you more due to high interest rates. If you think that you are paying too much on annual rates and fees, then search for a card with affordable interest rates.
- Carrying a Balance - Even a few cents left on your credit card can drastically influence interest rates on a purchase. Every month, try to pay off your balance by any means necessary. This will help you avoid accruing interest and show creditors you can pay your debts on time. Try making a budget and write down due dates for your payments so you can always stay on top of them.
- Seemingly Petty Fines - Although a parking ticket or library fine might not be a big deal at face value, the fact of the matter is that your credit score may be suffering. Pay off these fines as soon as possible. If you ignore these fines for too long, then collection agencies will start to give you trouble.