7 Small Mistakes That Will Hurt Your Credit Score

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Most consumers understand that bankruptcy or foreclosure is going to tank their credit score and then negatively impact it for the next seven years, but there are plenty of other small mistakes a consumer can make that can turn a good score of 750 or higher into a mediocre 680.

Here are some of the more common mistakes to steer clear of, plus tips on how to avoid them in the future.

Opening Too Many Accounts at Once

Credit card sign-on bonuses are certainly enticing, but you shouldn’t be signing up for every card that’s offering some cash back. This is because each application and subsequent credit pull will generate a hard inquiry that will appear on your credit report. (Credit pulls that aren’t used to decide whether you are actually getting a loan – for instance, one conducted by a landlord or by a bank when you are looking to get a checking account – are considered soft inquiries and will have no impact on your score.)

Each hard credit card inquiry will cost your score between three and five points and stays on your report for two years, though they only negatively impact your score for about half the time they appear.



Read More Here:

7 Small Mistakes That Will Hurt Your Credit Score - Yahoo! Finance
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Excellent tips and information Cat, thanks for sharing this will be very beneficial for many here:)
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Evan,

As you well know, I am happy to help members anyway that I can.
 

markylee59

LoanSafe Member
Feb 3, 2017
2
0
1
37
Thanks for sharing this to everyone. This is highly recommended to everyone and very beneficial. Missing out one payment is really not advisable and can really affect credit score.
 

Christopher Haner

LoanSafe Member
Sep 6, 2017
14
1
3
Most consumers understand that bankruptcy or foreclosure is going to tank their credit score and then negatively impact it for the next seven years, but there are plenty of other small mistakes a consumer can make that can turn a good score of 750 or higher into a mediocre 680.

Here are some of the more common mistakes to steer clear of, plus tips on how to avoid them in the future.

Opening Too Many Accounts at Once

Credit card sign-on bonuses are certainly enticing, but you shouldn’t be signing up for every card that’s offering some cash back. This is because each application and subsequent credit pull will generate a hard inquiry that will appear on your credit report. (Credit pulls that aren’t used to decide whether you are actually getting a loan – for instance, one conducted by a landlord or by a bank when you are looking to get a checking account – are considered soft inquiries and will have no impact on your score.)

Each hard credit card inquiry will cost your score between three and five points and stays on your report for two years, though they only negatively impact your score for about half the time they appear.



Read More Here:

7 Small Mistakes That Will Hurt Your Credit Score - Yahoo! Finance
Damn! I was doing the same mistakes you have mentioned like opening multiple accounts. Your tips are so much helpful for me...thanks