7 Credit Score Destroyers
Having a good credit score has many advantages, such as being able to obtain a credit card, mortgage, or auto loan. It can also determine the interest rate attached to these items. Unfortunately, many are unaware of the factors that determine a credit score and can make mistakes that can ruin it. Here are seven things to avoid to keep your credit score strong:
1. Keeping a big balance on your credit cards: Using more than 30% of the credit limit on your credit cards will lower your score.
2. Paying late: This is a huge factor that can lower your credit score by up to 35%.
3. Closing credit cards: Not only does this lower the amount of available credit, but it also affects the length of your credit history.
4. Defaulting on a loan: This can cause a huge drop in your credit score, so try to make arrangements with the lender if you are struggling to make payments.
5. Applying for too much credit: Making too many inquiries into your credit report can have a negative effect.
6. Not having any credit cards: Despite the risk of debt, having at least two credit cards can help your credit score.
7. Co-signing for someone else: Being responsible for another person’s debt can ruin your credit score if they fail to make payments. Avoiding these mistakes will help to keep your credit score high, and it may take time to improve it, but it is possible. Give your credit score the attention it deserves.
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