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Credit Repair

The Seven Deadly Sins Of Credit Cards

If you have spent any time with a bible, you have heard about the seven cardinal,or deadly, sins. Those seven sins can be applied in every aspect of your life if you pay attention. Here are how they each apply to your credit cards and can damage your credit score.

  1. Gluttony. Maxing your credit cards will lower your score by raising your credit utilization ratio.
  2. Pride. You show pride by not checking your credit report each year. You could be missing errors that are hurting your credit score – items such as collection agencies for already-paid debts.
  3. Lust. Submitting too many credit card applications, or credit applications in general, will lower your credit score.
  4. Greed. This usually takes the form of a payday loan or cash advance as they are sometimes called. Can you really afford to pay an average of $15 for every $100 you borrow.
  5. Envy. Wanting a credit card that offers more rewards than you need can lead you to paying too much in fees and a higher interest rate.
  6. Wrath. Do you ever get so tired of high payments and debt that you think about closing all of your accounts? That will devastate your credit score by shortening the length of your credit history.
  7. Sloth. Being too ”busy” to check your credit card statements every month can cost you money. The most common credit card fraud charges an account a few dollars a month. Unless you check your statement, you may pay that money for years without noticing.

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