Being able to safeguard your credit score and report is a much simpler than having to repair both. If you practice smart credit from the get-go, you will not have to squander years trying to rebuild your credit to a point that is attractive to lenders, creditors, lenders, etc. The assist in ensuring that you maintain a strong credit score and rating, below are a few key situations that will damage your credit.

Maxing out your credit cards
The amount of debt that you encompass is one of the most influential aspects of your credit score. Your credit score will take a hit if you maintain credit card balances that are constantly approaching your card limits. You should always look to keep credit card balances below 35% of your available limit. Learn more about smart credit card use.

Paying late
Late payments are another practice that will get your credit score in trouble. Every month, send at least the minimum required payment AND on time. Be safe and send it in early.

Submitting multiple applications when applying for any type of credit
No matter if you are applying for a loan or credit card, don't submit more than two applications at any given time. Your credit score will decrease with more applications. You will appear desperate for credit in the eyes of the creditors.

Closing accounts with balances
Any credit card or loan with a balance that is closed is still going to be reported to the credit bureaus. It is important to understand that your credit limit is now going to be reflected as $0; meaning that it will appear as though your credit cards are maxed out.

Closing old credit cards
Your credit score is going to decline whenever you close an old credit card. Accounts that you have had for a long time are an important part of computing your credit history length. Therefore, always hold on to your older credit cards and use them every now and then.

Not paying medical bills
You have to pay all of your medical bills. If you do not, they most certainly will eventually end up in collections. We have a variety of medical bill loans for good and bad credit.

Not paying your rent
It is very probably that if you neglect to your rent, your landlord will report your inactivity to the credit bureaus.

Filing bankruptcy
When you file for bankruptcy, you are going to be damaging your credit score for at least seven years. Prior to filing bankruptcy, explore all of your bankruptcy alternatives.

Enrolling in a Debt Consolidation
When you partake in a debt consolidation program, you credit is going to be adversely affected, but not as bad as when filing bankruptcy. You will be wiping your debt out and learn how to gain control of your financial situation, but the effect on your credit is one of the negatives of debt consolidation.

What is a FICO Score?
Making Sure Your Credit Report is Accurate
How to Read a Credit Report  
Why You Should Run Your Credit Report Once a Year
The Impact of Inquiries on Your Credit Report
Correcting Your Credit Report - Writing a Dispute Letter - Sample Dispute Letter
Effects of Having Bad Credit
What are the Hardest Credit Items to Fix?
Credit Report FAQ
Credit Report Secrets
How Long Do Negative Marks Stay On My Credit Report?

Five Things That Don't Effect Your Credit Score




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