We all know the Sunday Scaries. One minute you’re enjoying the weekend, and the
next, Monday is lurking around the corner and suddenly everything you have to do feels
a whole lot more intimidating.
But there’s another kind of scary people aren’t always thinking about: the Credit
Scaries. These are the common credit missteps that can harm your credit score and
leave you with a lot more to worry about than a Monday.
Meet the Credit Wreckers—Miss Payment, Max Out, Cancelina and One Track
Jack—four creatures with credit habits that could turn a small mistake into a full-blown
case of the Credit Scaries if you’re not paying attention. Here’s what to know about
each one, what not to do and how to keep their habits in check.
This Halloween, forget the Sunday Scaries. It’s time to face the Credit Scaries—and
learn how to avoid them.
Miss Payment
You meant to make that payment. Then Sunday happened. And Monday happened.
And suddenly you’re wondering if you missed your due date.
Miss Payment has a habit of letting credit card payments slip through the cracks.
Missing a payment can lead to late fees and, depending on the circumstances, a late
payment may be reported to the credit bureaus.
The Sunday fix: Set up AutoPay or a calendar reminder so your payment due dates
aren’t another thing to worry about when Sunday rolls around.
Max Out
Max Out knows the feeling of seeing something you want and thinking, “I’ll figure it out
later.”
But using a large portion of your available credit can increase your credit utilization,
which can affect your credit score.
The Sunday fix: Take a few minutes to check your balances and available credit.
Knowing where you stand can help you make more intentional spending decisions
during the week ahead.
Cancelina
Cancelina is all about a fresh start. That old credit card you barely use? She’s ready to
cut ties.
But closing an account can reduce your credit history and may harm your score.
The Sunday fix: Before closing a credit card, consider how it could affect your credit
history. Sometimes, keeping an older account open can be worth considering.
One Track Jack
One Track Jack has a favorite credit card—and he’s loyal.
While there’s nothing wrong with having a go-to card, focusing all your credit activity on
one type of credit may mean missing out on opportunities to build a more robust credit
mix.
The Sunday fix: Take a look at the credit accounts you have and make sure you
understand how each one fits into your overall credit mix.
Leave the Credit Scaries Behind
A little credit check-in can go a long way toward starting the week feeling more in
control.
Whether you see a little bit of Miss Payment, Max Out, Cancelina or One Track Jack
in yourself, knowing your credit habits is the first step toward making smarter choices.
Because Monday is coming either way. Your credit habits don’t have to make it scarier.
