What Hurts Your Credit?

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Milwaukee Credit Repair Tips On: What Hurts Your Credit?

Call Credit Repair Milwaukee WI To Help You On Your Credit Score!

Good credit is imperative for getting loans and employment opportunities in the US. That’s why knowing which things could hurt your credit score is essential. Here are some of them: 

  • Late Payments: If even one of your payments is late for over a month, your credit score might go down. 
  • Hard Enquiries: Whenever you apply for a loan or a mortgage, the lender will conduct a hard inquiry on your account. Every subsequent question hurts your credit, even if you’re not approved for the loan. 
  • Not Paying Bills: Besides your credit card bills, paying all your utilities on time is also essential. Late rent or utility payments impact your credit negatively. 
  • Canceling Zero-Balance Credit Cards: Do not cancel your credit card even after paying the debt. It affects your credit score by shortening your credit history’s age and raising the credit utilization ratio
  • Low Credit Diversity: Having only one credit card can be problematic for your credit score. Instead, have a mix of installment and revolving credit types to improve credit. 
  • Co-signing Applications: If you co-sign the credit application of a friend or family with poor credit, you’re taking their debt responsibility, and that impacts your credit negatively. 
  • High Credit Card Balance: A credit utilization nearing your credit card limit could hurt your score. Maintain a utilization ratio of 30% of the total credit. 

If you’re struggling with a low credit score and its adverse effects on your life, call our Milwaukee credit repair specialists today for a free consultation.