Downsides Of Ignoring Your Credit Score
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Your credit score is one of the most important factors in your financial life. Banks use it to decide whether to give you a credit card or loan. Some service providers use it to determine whether you should pay a security deposit. Car insurance providers consider your credit score when setting your insurance rate. While it's important to know what things help you build a good credit score, you also have to know those things that could hurt your credit score and lead to side effects from bad credit.
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If you avoid doing the following fifteen things, it will help ensure a good credit score.
- Paying Late
- Not Paying at All
- Having an Account Charged Off
- Having an Account Sent to Collections
- Defaulting on a Loan
- Filing Bankruptcy
- Having Your Home Foreclosed
- Getting a Judgment
- High Credit Card Balances
- Maxed out Credit Cards
- Closing a Credit Card That Still Has a Balance
- Closing Cards With Available Credit
- Applying for Several Credit Cards or Loans
- Having Only Credit Cards or Only Loans
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