Credit Killer #1″Negative Marks”

1. Late Payments

Because payment history account for 35 percent of your credit score, it stands to reason that any late payments hurt your score.

2. Defaulted Payments

This is worse than late payments, this kills your credit as badly as anything else.

3. Charged-Offs

Having accounts charged off makes you look as if you do not pay your bills.

4. Collection Accounts

Collections show creditors that other creditors gave up on you paying them.

5. Bankruptcy

This may be the worst credit killer of all.

6. Foreclosure

This hurts your credit and credit score, buying a home is one of the greatest credit building tools, losing that is crucial.

7. Rent

Rent can help if your landlord reports the payment, but where it hurts is the amount you are paying for rent prevents you from being able to use those funds to establish credit, such as a mortgage. Rent also hurts your debt to income ratio.

8. Medical Bills

Medical bills are very expensive and get put on the back burner of the bills. They never come off your credit report. A large percentage of medical bills are sent to collections.

9. Judgments

Of course judgments never look good. Someone has to be taken to court to get a judgment. Creditors do not like going to such great lengths to collect a debt.

10. Tax Liens

Behind bankruptcies, tax liens are probably the worst  item you could have on your credit.

11. A Wrong Mix of Credit

Mix of credit account for  10 percent of your credit score, but if it the wrong mix it will only affect your score negatively.

12. Student Loan

Student loans may help  you a college education, but they kill your credit and often bring judgments, such as garnishments and taking of your income tax refund.

13. Wrong Use of Credit

What we mean by wrong use is instead of using your borrowing power to purchase assets, that is things that will put more money in your pocket, borrowing power is used to purchase liabilities, That is things that take more money out of your pocket.

14. Unemployment

Losing your source of income will certainly affect you credit.

15. Credit Inquiries

Too many credit inquiries will damage your credit.