Astounding Ways To Damage Your Credit Report (Pam Middleton)
Nov 18, 2009
Some of the things that can negatively affect your credit are things that you might not have considered before. There are a few unforeseen things that we do that we wouldn't think would have a damaging impact on our credit scores but they do.
Let me show you an example, if you are not using a credit card you might think it would be a good idea to go ahead and close the account. But if you do that it will unhelpfully affect your credit score. Much of your score is based upon the on hand credit that you have compared to how much you are using. If you close the account then that amount is no longer available to you and your debt to credit ratio goes down, harmfully affecting your credit score.
The same thing can happen if you have a credit card but you don't use it. Vendors can annul an account for non-use and if they do that obtainable credit is gone and your debt ratio goes down along with your credit score again.
An additional way to hurt your credit score is to use too much credit even if you pay it off every month. If your running balance is high throughout the month it affects you more than the fact that you pay it off every month. Try not to ever surpass more than 30% or your on hand credit on one credit line in spite of of if you pay it off on a regular basis or not.
Parking tickets and library fines may seem benign but they can end up on your credit report if you take no notice of them, the same for late recurring bills such as a cell phone or a utility bill. As soon as a bill is referred for collections it can show on your credit report as a destructive.
Whenever you apply for credit an inquiry will show up on your report. Too many inquiries can negatively shape your score. Revolving credit, such as department store cards, is also looked upon as a negative so getting 20% off just for applying for a department store card is perhaps not worth it. Just say "no, thanks".
It is important for you to check your credit report and score on a regular basis. It is likely that as many as 75% of all reports include inaccuracies and inconsistencies. You have the right to dispute anything on your credit but if you don't find out about it until you are denied credit it may be too late for you. Check your report frequently and get the mistaken information removed. You are permitted to a free report from each of the credit bureaus one time per year. Take benefit of it.
The best and easiest way to deal with your credit is to stay on top of it. Be conscious of the things that can cause you tribulations and stay away from them. On the other hand, you will still likely see a few tribulations. When you do you can take the measures to repair your credit either on your own or with the backing of a professional credit repair service.
About the AuthorRepairing your credit may become required at some point. If you need further information about clean credit repair visit http://724Credit.com and don't forget to sign up for a free credit repair course..