Welcome back to CARE’s #AskJudgeNinfo series! In the second installment, the former bankruptcy judge will explain some of the biggest credit mistakes he thinks people make.To submit your own questions for the Judge, visit this link. Please enjoy these tips and resources, and look out for the next installment of #AskJudgeNinfo coming soon!
Q: Judge Ninfo, what is the biggest credit mistake you see people make?
A: The biggest mistake is to pay late. It is 35% of your credit score and credit report.
Another mistake is to not take advantage of free annual credit reports, so that you can correct any misinformation in your credit report.
Also, using credit cards to buy and do things without paying the balance off every month. It means paying more for everything, because of the high interest rates and often significant fees, and very often they are things that you don’t NEED, and could have saved for.
An additional mistake is only paying the minimum payment on any credit card balances.
