We know how important a credit score is these days, don’t we? Yet many people still insist on doing what they can to destroy their score. Since some want to have a train wreck of a credit score here are five guaranteed ways to lower your score:
1) Pay your bills late. Here’s a good one to lower your score. Pay your bills late, especially loans and credit cards. And I’m not talking a few days late, I’m talking 90-plus days late. Wait until you get a collection notice, why dontcha? (According to Credit.com, accounts 90-days late can damage your score up to 7 years. Bingo!)
2) Max out your credit cards. Get those credit limits used up! More credit used (more you owe on your cards) the lower your credit score will be. Aim for a high credit utilization and you will go a long way to lowering your credit score.
3) Apply for more credit. Hey you maxed out your cards in step #2, right? Now you need more credit! Apply to as many cards and loans as you can. Whether you are accepted or not the applications with show up on your credit report. The more you are looking for credit the less trustworthy you will seem. What does that mean? Yup, lower credit score! (Bonus if you actually get rejected!)
4) Ignore your credit report. Your credit report will show your credit activity and history. It can even show if there are mistakes or fraud. You get three chances a year to check your credit report for free but for those wanting a low credit score that’s three too many. Look, the mistakes and such will sit there and affect your score. Why bother with them? Leave them there so your score can stay as low as possible!
5) Jump from card to card. As you apply to new credit cards that suits your fancy, make sure you cancel your old cards. You don’t want OLD cards do you? They are all worn out and new is better, isn’t it. What’s your credit history have to do with anything? You’re concerned with what credit you have left right now!!
There you go. These five steps should go a long way to lowering your credit score!
I hope you can see I’m being facetious (don’t worry, I looked up the word too!). You should realize how important a credit score is these days. Your score can affect things such as loans (mortgage, car), credit card applications and rates, insurance rates, whether you get an apartment, and even if you get a job! Protect your credit score and make sure you keep it as high as possible.
While there are no guaranteed quick schemes to raise your score, there are steps you can take to improve your credit score such as pay off your credit card balances and make sure you pay your bills on time. Steps like these can go a long way to raise your score and in the long run save you money.