Surefire Ways to Kill Your Credit
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As you know, having a good credit rating is one of the biggest ways you can save money. A good credit rating gets you access to the cheapest money either through lower interest rates on loans or lower interest rates on credit cards.
But, if for some crazy reason you want to kill your credit rating, here are some surefire ways to do it.
Pay Your Bill Late:
If you want to kill your credit rating, pay your bills late. Credit experts estimate that your credit rating may be reduced by up to 60 points for a late payment over thirty days. The good news is that late payments in your past will take on less and less importance as time goes by. The bottom line? Pay your bills on time if at all possible.
Spend Too Much:
Another great way to kill your credit rating is to spend too much of your available credit. Experts say that you should never carry a total balance of more than 30% of your total balance. In other words, if you have $10,000 of available credit, you should try never to have an outstanding balance greater than $3,000.
Not Having Enough Credit:
As crazy as it sounds, it is tough to get credit if you don't already have enough credit. Creditors want to see a good mixture of long-term loans and revolving credit with a solid payment history. So, if you are looking to take a big loan in the future, start building your credit rating by taking on more credit and keeping it paid off.
Eliminating Credit:
It seems natural to close credit accounts that you are not using, but credit experts urge you to keep the accounts open, even if you are not using them. Keeping these accounts helps keep your outstanding balance percentage lower. Creditors also like to see older accounts on your credit history.
Not Knowing What Is On Your Credit Report:
Pretend that you have just the right amount of available credit and the perfect balance of outstanding debt. Further more you have paid your bills on time forever. Now, imagine there are 4 or 5 errors on your credit report showing that you have outstanding debt that you have not paid some outstanding debt. Do you think that would hurt your credit rating? You bet it would. Make sure to review your credit report at least once every 6 months.
Keeping a healthy, high credit rating is essential if you want access to the cheapest rating. The difference of a percentage or two on a long term high balance loan can cost you several hundred dollars per month and thousands of dollars over the course of the loan.
Frank V is a noted expert in eliminating debt having eliminated over $100,000 of personal debt and interest charges. If you are looking for even more information on debt elimination visit http://DebtBeGoneToday.com for thousands of articles that will show you how to consolidate or eliminate your debt.