| When applying for loans, credit cards, or even trying to | | | | twice about lending you money. |
| lease a new apartment your credit score is the major | | | | Second, this is another one people never consider will |
| determinant of how well you will fair. Ironically very few | | | | hurt their credit report and I know when you read this |
| people know what their credit score is and are not | | | | you will realize you are guilty of it. If you get a mailing |
| aware of the fact that they may be doing various | | | | promoting a 0% credit card or a new great rewards |
| things to hurt their credit score. If a high credit score is | | | | credit card and figure you could use another card do |
| important to you, and it should be, beware of the | | | | you apply for it? Well if you do you could be docking |
| following things to keep your credit score in check. | | | | your credit score yet again. Every time you submit an |
| Have you ever had one of those months where | | | | application for a credit card or apply for a loan the |
| everything seems to pile up and you just can't make | | | | credit agencies are notified of your credit report being |
| ends meet? You take a look at what you owe, who | | | | pulled and checked. If this happens too many times it |
| you owe it to, and finally decide that the credit card | | | | will undoubtedly hurt your credit score. The credit |
| payment is going to have to wait until the next check. | | | | agencies will look at those inquiries as attempts to get |
| Not even that, lets cay you just forget to make your | | | | credit or a loan and if those don't follow the inquiry it |
| credit card payment on time. This is the first and most | | | | reflects poorly because it seems as though you're not |
| common mistake: missing payments or making late | | | | getting approval. No one (except the credit reporting |
| payments. If you know it or not every time you make | | | | agencies) knows the formula for how many inquires |
| a payment to any of your lenders, they report what | | | | will hurt your report, but the general rule of thumb is |
| amount you have paid, and whether you were on time | | | | simply not to apply for credit unless it's absolutely |
| or late. If your late basically consider it much like getting | | | | necessary. |
| a test question wrong, your credit score drops. In | | | | Lastly is another tip to look out for that I am sure most |
| addition, they will report how late you were, and your | | | | people don't really think about and that's leaving credit |
| record of "lateness" will be represented on your report. | | | | cards on your credit report. I know it's the opposite of |
| Now you want to get a loan for a new car and the | | | | what you have been taught but let's think about it. If |
| dealer pulls your credit report and your credit score | | | | you have a credit card on your credit report that has |
| shows you were late X amount of times last year. Put | | | | been paid on time every time it's a star on your credit |
| yourself in his shoes. If you lend your buddy $20 and | | | | report. Removing it would dock your score believe it or |
| he pays you back immediately you will lend him money | | | | not. Of course credit scores favor accounts that are |
| again but if you have been waiting for that $20 for | | | | active so try and keep charging small items and paying |
| over a year next time he asks you're not going to be | | | | them off regularly to maintain this benefit on your credit |
| as keen on it are you? If it's clear that you have a | | | | score and you'll be surprised how quickly your credit |
| habitual pattern of paying your bills late, they will think | | | | score will increase. |