Things That Hurt Your Credit Score-Now you know
Did you know that every time you got that old credit card of yours closed you hurt your credit score? Surprised? You should be. These days when everything that we buy involves a loan ranging from car loans, home loans, or even shopping at the grocery store with your credit card. One misplaced step can hurt your credit score big time, and of course we don’t want that to happen. Do we? However, you don’t have to worry about it because I promise you that by the time you finish reading this you will be educated on the possible mistakes to avoid hurting your credit score.
I’m sure you too like most other Americans have multiple credit cards. This is one practice that hurts your credit score without you even knowing about it. Transferring balances from one credit card to the other regularly and also closing credit cards with or without balance increases your credit utilization and eventually hurts your credit score. So, one way of preventing your credit score from hitting an all time low is to keep lesser credit cards.
Another less known fact is that credit inquiry’s amount to 10% of your credit score. That means if you make several applications for loans or credit cards you would ultimately hurt your credit score. So, it is advisable to keep the number of applications within a check.
One of the most important things that can hurt your credit score big time is your payment history. It accounts for thirty-five percent of your credit score. So, whether it is the payment of a home loan, a car loan, or a basic credit card bill, make sure that you make your payments on time as even the slightest of delays can hurt your credit score in a huge way.
Another possible way to hurt your credit score is by making companies drag you to the court for late payments and posting a judgment on your credit report. Taking care of all the discussed aspects ensures that you don’t hurt your credit score inadvertently.
Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. If you liked this article, then please sign up to read the first chapter of The Credit Repair Book and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author’s name, bio and website links must remain intact and be included with every reproduction.
