Ways to Hurt
Your Credit
There are lots of ways to hurt your credit with the biggest
being that you do not pay your bills on time. If you are one of
those people who are habitually late on their bills, you are
going to find that you are hurting your credit score every
month. The later you get each month on your bills the harder it
is for you to repair that credit as well. When looking to see if
you are credit worthy, creditors do not just look at how much
debt you already have, they look to see how you pay it off. And
if you are always late, they are going to be hesitant to give
you any money at all.
If you get a lot of hits on your credit for credit cards, etc.
this will hurt your credit as well. These inquiries stay on your
credit for years and bring down your credit score – so be very
careful who you ask to check your credit. Interestingly enough,
there are some that think the kind of debt that you are late on
determines whether or not you will get marked down for being
late. They think that they can be late on something like a debt
consolidation loan, and it won’t hurt them.
A debt consolidation loan is the same as any other debt that you
have taken on. If you do not pay that debt consolidation loan,
you will hurt your credit. It really is that simple. There is no
reason to think that you have to pay everything else on time
except for the debt consolidation loan that you took out to pay
off the other stuff. It is still money loaned, and therefore you
have to pay it back.
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