There are certain things that should be taught in school at an early and credit education should be at the top of the list. You may think you know the basics, but there is certainly credit mistakes that you are making that should be addressed and corrected as soon as possible.
Not Paying Attention
If you do not regularly check your credit report then now is the time to start. Once a year you are able to pull a free copy of your credit report from any of the three major credit bureaus, although the score will not be included. If interested in the score, you can now find that on credit card statements each month free of charge. You cannot assume that everything is perfect on your report. There could be anything from misinformation on addresses or worst case scenario, accounts opened in your name that you did not realize.
Taking out a Cash Advance
Times must be tough if you are even thinking about taking a cash advance from a credit card, so do not make them worse by completing the transaction. Cash advances come with interest rates of around 20%, so you will be paying ridiculous amounts for the fronted money. Instead seek out a personal loan from your bank or credit union, which at least you can have the loan put into repayment terms with at least the interest rate cut in half.
As soon as a payment is thirty days late it is reported to the credit bureaus and can take up to seven years for it to fall off, making you live with your credit mistakes for years to come. You will want to learn how to remove late payments from credit report sooner than later. Also, set up auto-deduct so that payments are at least made on the due date every month, and pay more attention as to when payments are coming due.
Closing Credit Accounts
Sure it is great to pay off balances and you may be thinking about rewarding yourself by closing out the account, never having to worry about it again. You actually could be doing more harm than good as your credit availability has now decreased, and even though you paid down debt you could see your score drastically decrease, especially if that was a large piece of your credit profile. Instead keep the account open and cut up the card if you are afraid of future use.