Surprising things that Lower your Credit Score

Here’s an interesting article about surprising things that can hurt your credit score. The article explains how the following can hurt your credit:

  • Closing credit cards or account.
  • Debt settlement.
  • Payment plans.
  • Inquiring about old debts.
  • Having a credit limit lowering.
  • Paying off an old collection account.
  • Balance transfers.
  • Neglecting old debts.
  • Cancelling older credit cards.
  • Library fines.

For those of you trying to improve your credit, the article is worth a read for things you shouldn’t do. I would add to the list applying for credit. To me it’s a bit counterintuitive that by applying for credit you actually hurt your ability to get credit. In other words, it’s so much easier to get credit you won’t you don’t need it.

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