Your credit score is an important number. It's how creditor and lenders quickly decide if you are creditworthy. Find out which actions hurt your credit score so you can stay away from them.

1. Paying late

Thirty-five percent of your credit score is your payment history. Consistently being late on your credit card payments will hurt your credit score. Pay your credit card bills on time to preserve your credit score.

2. Not paying at all

Completely ignoring your credit cards bills is much worse than paying late. Each month you miss a credit card payment, you're one month closer to having the account charged off.

3. Having an account charged off

When creditors think you're not going to pay your credit card bills at all, they charge off your account. This account status is one of the worst things for your credit score.

4. Having an account sent to collections

Creditors often use third-party debt collectors to try to collect payment from you. Creditors might send your account to collections before or after charging it off. A collection status shows that the creditor gave up trying to get payment from you and hired someone else to do it.

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So you applied for a loan and got turned down. What’s with that?

 

Credit Fact

As part of our on going Credit Tip, Credit Fact education series here is a list of the first 18 reasons why you might not have been successful in your attempt to borrow money. Most people would never believe there are 36 basic considerations for approval/denial of credit and even a few more not so basic.

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A meeting of  Credit minds

by This e-mail address is being protected from spambots. You need JavaScript enabled to view it.  

For immediate Press Release

November 4, 2011

Miami

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When your girl scout daughter comes home and tells you that she knows how a FICO score is made up or asks over milk and cookies If Mommy or Daddy can explain what a hard credit pull is all about, it's time to pay attention because it might just happen.

Yes those cute little girls dressed in their uniforms that sell you cookies once a year, the ones I personally love so much that I stock up, when she tells you"When I have earned the credit badge, I will know more about the ways to borrow money and understand the importance of good credit" she will know more about the business of credit and how it works than millions of adult Americans who know little or nothing at all.

Credit badges are now part of the Girl Scouts USA learning program reflecting the need for education in that area, a far cry from the 1913’s badge for matron housekeeper. As they say, “You have come a long way baby.”

 

Here is what Michelle Tompkins of Girl Scouts USA had to say,  “Girls really want to feel financially independent.” “The effect of money on every level-it is something so prevalent right now in families, in society.” www.girlscouts.org

 

The need for understanding credit and the business of credit is more important now than ever before.

...

When your girl scout daughter comes home and tells you that she knows how a FICO score is made up or asks over milk and cookies If Mommy or Daddy can explain what a hard credit pull is all about, it's time to pay attention because it might just happen.

Yes those cute little girls dressed in their uniforms that sell you cookies once a year, the ones I personally love so much that I stock up, when she tells you"When I have earned the credit badge, I will know more about the ways to borrow money and understand the importance of good credit" she will know more about the business of credit and how it works than millions of adult Americans who know little or nothing at all.

Credit badges are now part of the Girl Scouts USA learning program reflecting the need for education in that area, a far cry from the 1913’s badge for matron housekeeper. As they say, “You have come a long way baby.”

 

Here is what Michelle Tompkins of Girl Scouts USA had to say,  “Girls really want to feel financially independent.” “The effect of money on every level-it is something so prevalent right now in families, in society.” www.girlscouts.org

 

The need for understanding credit and the business of credit is more important now than ever before.

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