What Will Hurt My Credit Score?

In a world where credit is used daily, residents in the United States often want to know what their credit score is. If they don’t, then those that issue loans certainly are interested in it!

It is crucial for one to have good credit. This can affect so many elements in your life. Need a loan for a car, camper, or motorcycle? If you have a great credit score, you will not have any trouble getting a loan and will most likely have a lower interest rate. Want to buy a washer and dryer on credit? Good credit will help. Decide if homeownership is right for you? Having a higher credit score will help you get the home of your dreams.

So what are some things that can hurt your credit score? Well, for starters, late payments on your credit card accounts can go against your score. Any lender is going to want the agreed payment on time each month. If your due date is on the 14th of each month, you should plan on paying it by that day or on the 14th. If you are forgetful, there are various things that can help you make this payment by the due date. Some lenders have automatic payments where they will pull the money from the account of your choosing. If this is not an option, look to your bank for an option. Many times they have online bill pay where you can set up payments for months ahead as well.

Next, take a look at your credit report. Is everything correct? Mistakes in your credit score can go against your credit score. Should you find a mistake, compose a letter to the credit bureau agency to dispute it. Experian, TransUnion, and Equifax are the most known credit agencies.

Did you know that late rent payments also go against your credit score? Landlords have the choice of reporting late payments. Therefore, if you know that your payment is going to be late, let your landlord know. It also may not be up to your landlord if he or she chooses to notify a credit agency. In many of the rent payment services landlords use, the credit reporting agencies receive a late payment made notice automatically.

Another thing that could hurt your credit score is cosigning a credit card with a friend. Sure, you might wish to help them if they have a lower credit score. But it can impact your score greatly. If they are late on payments, it will go against your credit.

Do you have a credit card with a zero balance that perhaps you have not used in a while? Many may think it is silly to keep it open, but closing a zero balance card will do you more harm than good. If you close it, you could increase your revolving utilization drastically, in many cases overnight!

Hard inquiries also go against your credit score. This means each time you apply for a credit card; your score could dip down a bit. Refrain from applying for too many credit cards at once to assist in remedying this solution.

If you want to learn how to fix your credit score, contact Super Credit Repair in Clearwater, FL. With over 20 years of experience, they will be able to answer any questions you have, as well as help you get your credit score where it needs to be.