by Dawn Hawkins

Created on: March 30, 2010

Keeping your credit score intact is one of the most important financial decisions of your life. There are some surefire ways to hurt your credit score. Being careful to avoid them will keep you from years of trying to fix what should have never happened to start with.

Here are the top ways in which to hurt your credit score:

Repossessions

Pay your bills so you don't have any of your possessions taken back by the lender. If you have a vehicle or other items repossessed, it will haunt your credit score for a very long time. If you want your credit score in good standing, never allow yourself to be in the position of getting something repossessed.

Bankruptcy

Filing bankruptcy will hurt your credit score for a very long seven years. Avoid filing bankruptcy at all costs. It will make it nearly impossible to build your credit back up before those seven years pass. Your credit score will tell lenders whether you are trustworthy enough to loan money to. If they see a bankruptcy, you will automatically be considered high risk and will likely not get the loan.

Late Payment/No Payment

If you are late in making payment or you just decide not to pay your bills, you will hurt your credit score. There is no way around it. Neglecting your bills will mean that you are hurting your credit score. Make sure that you pay your bills and you pay them on time. Even one day late on a payment can negatively affect your credit rating.

No Credit

Although having no credit is good because you don't owe anything, it also hurts your credit score. You have to have some type of credit showing on your credit report in order to get a good credit rating. This can be easily fixed by obtaining a credit card and making timely payments on it. No credit isn't as bad as having a bad credit mark but it is still harmful.

These are the top ways in which your can hurt your credit score. If you want to keep your credit score high, avoid these situations. You will have to live with the consequences of bad credit for a long time to come. Don't let your credit score take a nosedive because you didn't pay attention to what you were doing. Check your credit score once a year. You are entitled by law to see your credit report for free. When it doesn't cost anything to get it and it can save you from financial trouble in the future, it is well worth the time to obtain one.

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