9 Things You Probably Didn’t Know Could Ruin Your Credit

Your credit score is a significant figure determined by how you pay specific expenses, such as credit cards and loans. However, certain financial transactions you conduct on a daily basis have impact on your credit score, whether good or poor. Here are ten things that can jeopardize your credit score.

1. Only One Payment is Late

Your credit score may suffer if you make even one payment more than 30 days late, even if you have the finest credit card for good credit. Credit card providers are likely to tell credit-reporting agencies about your delay at this time, which can lower your credit score.

2. You haven't Paid All of Your Payments on Time

Late payments on credit cards aren't the only thing that might harm your credit. Late utility, rent, phone, or loan payments can all have a negative impact.

3. Trying to Get More Credit

Every time you seek credit, a hard credit inquiry is made on your account, whether it's for a mortgage or a retail credit card. Even if you are not accepted, every hard inquiry has an impact on your credit score.

4. Cancelling Your Credit Cards With No Debt

Keep your credit card even if you've paid it off. Canceling a credit card might negatively impact your credit score in two ways: It lowers your overall credit limit, potentially increasing your credit use ratio. It also has the potential to shorten the length of your credit history.

5. Putting All of Your Balances on One Card

Although carrying only one card is handy, consolidating your debts on a single card may not be advantageous to your credit. Having a single large amount that approaches your credit limit raises your credit usage, which lowers your credit score.