http://www.carloanskingston.ca/ Not Using Your Credit Cards at All Has anyone ever told you that not using your credit card will make it look like you have a perfect score?
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Are You Unknowingly Hurting Your Credit Score? – 5 Things You Probably Didn’t Know Can Hurt Your Credit Score
Things that Can Hurt Your Credit Score
Not Using Your Credit Cards at All
Has anyone ever told you that not using your credit card will make it look like you have a perfect score? Well, if they did tell you this, they are wrong. Using your credit card on a frequent basis is actually a vital component to having a good credit score. As long as you are using them responsibly and not missing any payments there is no problem with using your credit cards. In fact, if you do not use it, having less credit information can actually weaken your score. Try using your credit card on a minor payment each month, a gym membership, satellite radio subscription, etc.
2. Opening Too Many Accounts At Once Can Hurt Your Credit
Ever tried going around and asking every attractive person you saw out on a date? No one is attracted to desperation and the same goes for banks. If they see you are opening too many accounts all of a sudden, then you appear desperate and the assumption is you likely have a cash flow problem. Every time you apply for credit, it can lower your credit score slightly and if you apply to a lot of places within a short period of time, this can have a much larger negative impact on your score.