The average U.S. household has $7,000 of credit card debt. March is National Credit Education month. Take time to review your finances, begin working on your credit score, and climb out of debt. The average credit score is in the high 600s and is based on:
Keeping your credit score high can make your life easier. Fidelity has provided nine simple mistakes below that can negatively impact your credit score:
- Avoiding credit altogether
- Only using credit cards
- Not paying bills on time
- Maxing out credit cards
- Not paying the full balance
- Closing old accounts
- Not paying every bill
- Paying off old collection accounts
- Not checking credit report for inaccuracies
Keep in mind that you ultimately have control over your credit, and you can take steps to improve it no matter how low your score is right now.
To learn more from Fidelity on the nine mistakes listed above or how to improve your credit score, click here.