Cost of low credit score

In today's economy it's easy to get into debt but before taking out an extra line of credit or falling behind on a payment, it's important to be aware of the consequences.

In order for you to purchase a mortgage, a car payment or even some of the student loans you have to be credit worthy. In order for you to be able to do that you have able to show this creditor that you have the ability to repay this creditor, said Gina Mejia, a financial counselor with Green Path Debt Solutions in Brownsville

She says there are some credit score killers you should know.

First, late payments mean more than just a late fee, 35% of your credit score rides on your ability to pay bills on time.

Secondly, carrying too much debt is damaging.

"You don't ever want to owe more than 30% of your credit limit in order for it to reflect a good credit history and increase your credit score, said Mejia.

Believe it or not, taking cash advances or pay day loans can ding your score because of their high interest rates.

Sometimes 300 times more than a regular bank loan or even credit card. They get people trapped into these dangerous situations and it's really hard to get out of, said Mejia who added that you shouldn't count yourself out even if you have a low credit score.

"It TMs important that you start with a visa or MasterCard because you can have some control over it versus having multiple department store credit cards, said Mejia.

But don't max them out.

Also fix any errors on your credit report that could be dragging your score down.

Experts recommend you get a thorough credit check.

Consumers are eligible for a free credit report once a year.