10 Ways to Completely Ruin Your Credit

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This post is inspired by one of my readers, whom I will call Mr. M. This is not the usual improvement tips, so don’t follow these. If anything, please do the opposite. Here are 10 ways to completely ruin your credit score, waste a lot of money, and get yourself in trouble:

  1. Respond to every pre-approved offer you can lay your hands on; especially those in-store cards
  2. Buy everything you ever wanted with your credit
  3. Pay your bills late
  4. Don’t pay your bills if you can’t afford it
  5. Let your accounts go to collection
  6. Don’t pay your landlord
  7. Don’t pay your taxes — who cares about tax lien
  8. Use your bills as firewood when they turned off your electricity
  9. Use payday loans as emergency fund
  10. Declare bankruptcy

Are you doing any of these?

More about FICO Score:

This was a guest post I wrote for I’ve Paid For This Twice Already… on October 17, 2007.

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preapproved, Emergency Fund, Credit Score, Payday Loan, money finance, using credit cards, bankruptcy, tax lien, store cards

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Pinyo
Pinyo is the brain behind Moolanomy personal finance blog and a few other web sites. If you like this article, please subscribe for free daily email updates.

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9 Comments

  1. gravatar
    Amanda @ Me vs Debt
    January 18, 2008, 8:34

    Great tips here! I was hoping to get below 600 as quickly as possible :)

  2. gravatar
    Pinyo
    January 18, 2008, 15:55

    @Amanda – Thanks! If you need help, let’s take cash advances on your credit cards and go to Las Vegas. You’ll have a blast for a couple of days. :-)

  3. gravatar
    Tomiko
    January 19, 2008, 2:45

    Your ways funny yet good to reduce the unnecessary expenses. One can use the cash saved from these tips for a trip to las Vegas. One has to be very careful and these tips shows what can happen if the credit card use is out of control.

    Great!

  4. gravatar
    Tom
    January 19, 2008, 12:59

    Very funny

  5. gravatar
    Minimum Wage
    January 21, 2008, 14:21

    I’m already below 600. Help, my credit has fallen and it can’t get up. (Anyone remember that commercial?) Since I have no open accounts, paying my bills on time doesn’t help my credit.

  6. gravatar
    Pinyo
    January 21, 2008, 19:52

    “Help, my credit has fallen and it can’t get up.” — those were funny commercials.

  7. gravatar
    Minimum Wage
    January 22, 2008, 8:23

    Don’t pay your bills if you can’t afford it

    (scratching head) How do you pay your bills if you can’t afford to pay your bills? (This is precisely the problem I had several years ago when I was in hospital without income for several months.)

  8. gravatar
    Mr. Stubbs
    January 29, 2008, 16:26

    lmao without income or savings = broke

  9. gravatar
    Make Friends, Earn Money
    February 1, 2008, 8:14

    I’d also add to that number 11. Lose your job, no money, no credit rating.

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