10 Ways to Completely Ruin Your Credit
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:
- Respond to every pre-approved offer you can lay your hands on; especially those in-store cards
- Buy everything you ever wanted with your credit
- Pay your bills late
- Don’t pay your bills if you can’t afford it
- Let your accounts go to collection
- Don’t pay your landlord
- Don’t pay your taxes — who cares about tax lien
- Use your bills as firewood when they turned off your electricity
- Use payday loans as emergency fund
- Declare bankruptcy
Are you doing any of these?
More about FICO Score:
- What’s the Perfect Credit Score? @ Free Money Finance
- 8 Secret Credit Scores You Don’t Know About @ Consumerism Commentary
- The Right Approach to Using Credit Cards @ My New Choice
- Effect Of Credit Score On Mortgage Rates and Monthly Payments @ My Money Blog
- Yet Another Reason to Value Your Credit Score @ Five Cent Nickel
This was a guest post I wrote for I’ve Paid For This Twice Already… on October 17, 2007.
Read more about
preapproved, Emergency Fund, Credit Score, Payday Loan, money finance, using credit cards, bankruptcy, tax lien, store cardsRecommended articles
All posts by Pinyo
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Great tips here! I was hoping to get below 600 as quickly as possible
@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.
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!
Very funny
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.
“Help, my credit has fallen and it can’t get up.” — those were funny commercials.
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.)
lmao without income or savings = broke
I’d also add to that number 11. Lose your job, no money, no credit rating.