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February 10, 2019

Auto & Motor

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Find Out About the Things That Might Cause Damage to Your Credit Score.

In case you have good credit, you should strive to avoid things that might lead to it being lower. It is for this reason that you need to take the time to understand some of the things that might cause damage to your score. Poor credit means that you will have a hard time with things like your car and home loan getting approved.Here are some of the things you need to avoid if you want to have a high credit score.

When dealing with this, some of the things you should put in mind are what might hurt the credit score is not making the payments on time. The thing is that if you miss the credit card or loan payment not only will you be fined, it is something that will hurt your credit score. It can be annoying to miss the payment due to a mistake and if this is the case, then it is best to for you be organized when making the payment.

Some of the things you should note is that when dealing with this then it is ideal that you do not max out your credit card. What you should note is that the lower the card balance, the higher the score. This is the reason you are advised that you do not end up overspending while you are using the card. When you max the card out; then this will reduce the score by about 45 points.

The other things that most people do not know is that having too many hard inquiries could lead to your score being affected. What you should put in mind is that every time you attempt to get a credit card or apply for a loan, then you should note that a hard credit inquiry will be made. The reason is that they want to find out if you are a suitable candidate. Thus, this is something that will result of your score being hurt.Thus, you should avoid asking a loan from new lines of credit.

Read more here, to find out some of the things to note is that you have to clear or charge or and collections. Some of the things you should put in mind is that if you do not pay credit then it will affect your score adversely. Some of the things you should note is that if you refuse to pay a loan then the company dealing with it might sell it to a collection agency. This is something serious as it could lead to your score getting affected.