Ouch! That Hurts My Credit.

February 11th, 2008 Categories: Buyer and Seller Knowledge Center

Transactions that can hurt a credit score are:

  • Transferring credit card balances (people do this to get a lower interest rate).
  • Settling debts.  Ask your tax preparer about this.  Congress gave those who had to give up their home a forgiveness clause.  Settling credit card debt for less than owed will reduce FICO score.
  • Parking tickets, library fines can decreases FICO score.
  • Closing credit cards never helps one’s FICO score.

Basic article source:  Weird stuff that hurts your credit and Credit Scoring Myths by Liz Weston.

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This entry was posted on Monday, February 11th, 2008 at 8:07 pm and is filed under Buyer and Seller Knowledge Center. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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