Best ways to destroy your credit

Want to ruin your credit score? Here’s How

1) Late Payment

The #1 worst thing you can do is to miss a credit payment. Your credit card provider will always tell when the minimum payment is due. If you fail to make the minimum payment, it will flagged and reported to the three credit card bureaus. This is the fastest way to lower your credit, avoid it at all cost.

2) Credit Utilization

The second fastest way to lower your credit is to utilize all your available credit. Having a high credit utilization will will show the banks that you can’t pay off your credit and therefore lower your credit score.

3) Hard Inquires

When you apply for a new credit card, loan, or car, they will issue a hard credit pull on your credit score. Having too many inquires will lead to a drop in your credit score and stay there for up to two years. There are ways to remove these inquires if you don’t have an affiliation with them(were not approved).

4) Credit Mix

Having just one line of credit such as one credit card can lower your credit score. Credit card companies prefer to see multiple (different) lines of credit. Such as a credit cards, student loans, and mortgages.