Eating Healthy for Life

A good credit score is necessary for getting a good small business line of credit. Or an unsecured personal loan or a small business loan.

That said, having a bad credit score can hurt you in every area of your life , not only when trying to find a credit card, a mortgage, or even an unsecured small business loan.

For instance, employers in many circumstances can and will perform credit report checks on job applicants, and a low credit score score can be the deciding factor in qualifying for the position you applied for or if it goes to an equally- an experienced candidate having a better credit score.

If you want to buy real estate, or buy or lease a car, or even purchase a new cellular phone -- you guessed it -- a bad credit score may hurt your chances.

So, What Will Hurt My Credit Score?

Maxing out your credit cards - try not to borrow more than fifty percent of your credit maximum. In the event you go over that, it will damage your current credit score. Bottom line, never charge your credit cards to the limit.

Past due payments - late payments will definitely be harmful to your credit. Repayment history balances out about 35 percent of your credit score. So that you help make sure that you don't neglect a monthly payment, go on autopilot - schedule so that you can have all of your monthly payments automatically withdrawn from your bank account. That way you'll not have to be concerned that the check is in the mail.

Applying for a lot of credit cards or financial loans - applying for a multitude of credit cards is actually a warning sign to financial institutions (if you are going to apply for more than one card account, it has been advised you do so all on one particular day).

Closing down past credit card accounts - lenders want to look at an extended payment history. The more time you have had a credit card account open and have made on time monthly payments, the more this helps your credit rating.

Having a tax lien .

Filing bankruptcy.

What's A Decent Credit Score?

A score above 700 is perceived as superb.

600 to 690s - alright, yet not ideal. These times, because of tightening credit standards, might possibly not always be enough to get you approved and certainly not for the preferred interest rates .

Below 600 - you are regarded as a higher credit risk.

Beneath 550 - you are considered an extremely poor credit risk.

Overall, before things get so bad - consult a consumer advocacy lawyer and negotiate with your creditors. This approach can save you from a disastrous credit score which often affects you for up to a decade.

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