Lesser Known Ways to Damage Your Credit Score - and How to Avoid Them

By
Real Estate Agent with Jennifer Ames Chicago - Coldwell Banker

Credit scores (of which FICO scores are a subset) have always been important because banks and financial institutions use them to determine individuals’ credit worthiness. However, with lending institutions raising their standards in light of this past credit crisis, your score is more important than ever.

Overall, this tightening of the purse strings is a good development for the industry, but it also means some individuals may be unfairly punished for otherwise responsible behavior. While borrowers who are late or miss payments take a justifiable hit to their credit scores, those who always pay on time may still have their scores dinged.

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