Are You Messing Up Your Credit With These Mistakes?

A great credit score is your ticket to getting the best terms when you apply for a loan or a credit card. However, many people are confused about what to do to improve a credit score. Sometimes, an action that seems like it would be helpful actually lowers a credit score. Here are five frequent credit mistakes people make and how you can avoid them.

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Closing an old account that you're no longer using should help your credit score, right? Wrong! According to FICO, the most popular credit scoring company, closing old accounts is not recommended and will usually hurt your credit score. Here's why:

Source: Fool.com