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7 Credit Score Killers

7/27/2021

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Building a good credit score doesn’t happen overnight – but killing your credit score can. Review these seven common mistakes that are true credit score killers.

H​ello Marvelous Folks!

As you are purchasing new vehicles or any large ticket items, please pay attention to these credit score killers that I have listed for you.
 
Credit Score Killer #1: Avoiding Credit in the First Place
Some people have the misconception that it is just better not to have or use credit...
But in today’s world, a good credit score is a must. You need to show that you can use credit responsibly. When you do, you build a positive credit history and score. If you never apply for or use credit, you’ll never build a history and score – which will make it very difficult for you to get the things that you need later, such as a job, a car, insurance, a place to live, or a job.
 
Credit Score Killer #2: Taking on Too Much Credit Too Quickly
If you open several accounts all one after the other within a short time frame, you are waving big red flags that can cause problems for you now and in the future – especially if you are young and don’t have much of a credit history. While it may be tempting to access all that available credit, be wise and take it slow. Your future self will thank you.
 
Credit Score Killer #3: Being Late on Your Bills
One of the first things a lender wants to know is do you pay your bills on time? Your timeliness in paying your current obligations is so important to lenders that it comprises a whopping 33% of your credit score. Pay your bills on time. Even a single late payment can negatively affect your credit score.
 
Credit Score Killer #4: Skipping Your Bills
Late payments are bad enough, but if you start missing payments, your credit score will nosedive.  But a foreclosure or bankruptcy can drop your score by 100 points of more.
 
Credit Score Killer #5: Hitting the Limits on Your Credit Card(s)
Credit experts recommend that each credit cards’ balance should not be more than 30% of the card’s credit limit and ideally below 10%. That means  if you have a card with a $10,000 limit, your balance should be no more than $3,000. Better yet, keep it below $1,000. Lenders want to see that you use credit, and use it responsibly.
 
Credit Score Killer #6: Withholding Payment on a Disputed Charge
Even if you are disputing a charge on your credit card bill you should still pay the entire bill on time, including the disputed amount. Don’t withhold the disputed amount when you make your payment – the credit card company will view that as an incomplete or late or missed payment – which will really hurt.  Just make the payment and continue the dispute without putting your credit score at risk.
 
Credit Score Killer #7: Co-signing
Be careful! When you co-sign a loan for friends or family, if they are late on a payment or miss a payment, there will be consequences to your credit score, too. If you are a co-signer, make sure that the person you are helping can and will make those payments on time. 

Some common sense advice here folks - take it to heart and avoid trouble down the road.

Peace, love, and gumbo! 

Marvin LeBlanc, LUTCF, CNP
615 Central Ave, New Orleans, LA 70121
504.731.6767
Marvin.LeBlanc.cdia@statefarm.com
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