Costly Credit Card Mistakes

Avatar for cmkristy
iVillage Member
Registered: 07-05-2005
Costly Credit Card Mistakes
Mon, 08-26-2013 - 12:36pm

Like it or not, we are a credit card culture. It's estimated that there are 1.5 billion credit cards in use in the United States. Nevertheless, access to credit cards is a privilege not a right, and if you make mistakes, you’ll pay a price – sometimes a hefty one.

Credit card issuers have responsibilities, too. Many of those responsibilities are codified under the Credit Card Accountability Responsibility and Disclosure (“CARD”) Act. But consumers’ first responsibility is to themselves.

With that in mind, here is a list of serious credit card mistakes and their equally serious repercussions:

I wish I would have known #5 a long while ago!  It still surprises me that this can damage your credit score!  Any surprises on the list for you?

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iVillage Member
Registered: 04-16-2008
Mon, 08-26-2013 - 2:58pm

#5.  Yeah, but I would much rather take a tiny ding and hav ethe peace of mind from not having too many inactive accounts floating around.  In the grand scheme of things, the lenghth of credit history only has moderate weight on your overall credit. 

iVillage Member
Registered: 03-17-2003
Wed, 10-09-2013 - 1:56pm

Another good to know article Kristy.  #5 is the one reason I haven't closed some accounts.  They aren't hurting anything and demonstrate I can manage my money.