These days, everyone seems to be preoccupied with their credit scores. That can be a factor in having your rental application accepted, getting that new car loan, and generally affecting the cost of your borrowing money and paying back debt.
There are many ways for you to hurt your credit score. Here are a few:
1. Allowing your accounts to go to collection. This means that your bills are seriously delinquent.
2. Allowing motor vehicles and other personal property to be repossessed.
3. Having your home foreclosed.
4. Using too much of your credit. For example, maxing out multiple credit cards can lower your credit score substantially.
5. If you open new credit cards and an inquiry is placed on your credit report.
A good credit score is something to aspire to, and does not occur by accident. Like everything, a good credit score takes work, discipline and vigilance. It is something to be valued and protected.
