9 Things That Will Destroy Your Credit Score
With the credit market crunch still on, and the housing market still trying to battle its way out, you will need a better credit score to get just about anything you want, from an auto loan to a home mortgage to a decent interest rate on your credit card. But, if you’re not concerned about saving money on interest, or your financial future, here are 9 things that will destroy your credit score:
- Declare bankruptcy
- Pay your bills late
- Stiff your landlord
- Pay only half (or less!) on your minimum payments
- Ignore your bills altogether
- Apply for multiple credit cards and lines of credit at once (or within a couple months of each other)
- Max out your credit cards
- Get a payday loan and keep renewing it
- Enter a debt negotiation program (which is different from consolidation)
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POSTED IN: Credit, Personal Finance
7 opinions for 9 Things That Will Destroy Your Credit Score
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Jeremy
Jan 29, 2008 at 12:53 pm
Yea those debt negotiation companies are like nuclear bombs to your credit score. They almost conned me into doing one this one time. Thank god I came to my senses.
miranda
Jan 29, 2008 at 12:56 pm
It sounds great, debt negotiation does, but it can be a real problem. Debt consolidation is a much better choice if you think aggressive debt reduction won’t work in your circumstances.
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