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What damages your credit score?
There are several factors that can damage your credit score. And if you are not aware of them then it is time you check them out and do the credit repair. From a lender’s point of view, maxing out your credit cards can seriously affect your credit score. It is like digging a large and expensive hole of debt for you.
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It can also severely escalate your risk of defaulting. A bad debt to credit ratio is another factor that must not go against your overall credit limit. The higher your debt load, the lower your credit score will be. Paying your bills late can also impose serious damages on your credit scores.
Not all but some people are tempted to blow off their bills carelessly regardless of the consequences and a literal wrath they can face! And believe it or not, but even closing down your old accounts can affect your score too. As they can still help your debt-to-credit ratio by increasing your available credit limit.
