How To Ruin Your Credit

11 October 2010

Credit scores can range from 300 to 850. The higher your score, the more credit-worthy you are deemed to be. We all know what you can do to improve your score, but do you know what you can do to ruin your credit? If you do any of these, you are in the process of doing some serious damage to your financial reputation.

Don't Pay Your Bills
The most important part of your credit score is your repayment history, so if you want to have terrible credit, don't pay your bills. By refusing to pay even the minimum monthly payment, the repayment history on your credit report will look terrible, showing that you have bills you haven't paid for 90-plus days. Eventually, your account will go to collections, making your score plummet further.

Better yet, throw your unopened credit card bill in the trash. That way, a thief might be able to acquire enough information about you to steal your identity, leaving you with a gigantic financial mess to clean up and completely trashing your credit score.

While you're at it, don't open your monthly mortgage statement, either. Keep doing this month after month. Eventually, you'll lose your home to foreclosure. Between the unpaid mortgage and the credit card bills, you may even have to declare bankruptcy. Bankruptcies and foreclosures are a great way to ruin your credit not just in the short term, but for years to come.

Charge It!
The second most important factor of your credit score is how much you owe. So if you want to ruin your credit score, make sure to max out all of your credit cards. Better yet, try to spend past the limit! Then, don't pay the bill ever.

Apply For Credit Multiple Times
Ten percent of your credit score is based on how many new credit accounts you have applied for recently. If you want to wreck your credit, say yes every time a retailer offers you 10% savings when you open a store card. Plus, the more cards you have, the more likely you are to dig yourself in a deeper hole.

Have Only One Type of Credit
Your credit score tends to be higher if you use a mix of different types of credit, such as credit cards, store accounts, an auto loan and a mortgage. Of course, to get approved for a mix of credit in the first place, you'd have to be responsible with your money. If you want to look bad, don't mix it up - stick with credit cards. These are one of the easiest types of credit to get.

Assume There is Nothing You Can Do
Once you've destroyed your credit, there is no sense in hoping things will get better one day. A bankruptcy can stay on your credit report for up to 10 years. If you want bad credit, don't visit a credit counseling service for help. Don't work on a budge to manage your money better. Don't cut up your credit cards. Don't take small steps to paying off your debts.

Now that you know lots of ways to ruin your credit, why don't you call Trinity Credit Services at 1-888-669-7372 to get your credit score back on track. It will be the best decision you have made about your financial health!

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