7 Ways to Trash Your Credit Score
Making some of the following mistakes can ensure that lenders will need a hazmat suit to handle your credit report. By Sheyna Steiner � Bankrate.com
Remember the good old days, way back in 2006, when the streets were paved with credit-gold as far as the eye could see and credit cards rained from the sky? Even the credit-destitute were treated like kings by the credit card companies and courted with lavish offers of unlimited credit.
Here in the future, the world has changed. Banks claim they want to lend money, but really they'd prefer to buy other banks with government money.
Credit issuers aren't sure they want to lend money to people who need to borrow it, a situation somewhat analogous to the Groucho Marx axiom, "I don't want to belong to any club that will accept me as a member."
And woe betide those who ask for loans with glaring blemishes on their credit reports. An unpaid collection is apt to be regarded like a cockroach in the consomm�.
These days, wrecking your ability to get credit is about as easy as blowing over a house of credit cards.
7 ways to be credit-stupid:
1. Close credit card accounts
2. Let credit cards collect dust
3. Run up high balances
4. Apply for new credit repeatedly
5. Don't pay fines or noncredit-card bills
6. Ignore mistakes on your report
7. Make late payments or skip them
Note from Lucy: Now days our credit report is more important than ever when applying for a loan.... I know that it can also determine how high your interest rate will be if you do get accepted for a loan..... A so so credit report will not get you a bottom line interest rate.
Another thought: I have Diane and Jessica on my prayer list, and anyone else who are dealing with the aftermath of those terrible ice storms in Arkansas and Kentucky. As beautiful as they are, they are dangerous. Power lines are down, streets are slick, many people are without power, as well as heat. Let's hope for a quick recovery in that area of the country...
Have a great week everyone!