The best way to ruin your credit without missing a payment is
to max out your credit cards. I know it is not wise, and I know some of you do as well, but the case I saw this morning is way too extreme. A client with credit scores of 730, 741 and 756 less than 40 days ago maxed out 5 credit cards. Total credit limit on all 5 is $67,400. The ruined scores are 635, 628 and 664. That is 95, 113 and 92 points, with no late payments whatsoever. One and only one explanation is that the credit history is rather short, his first credit card was opened 3 years ago, and 2 credit cards are very new, opened just 2 months ago. What a way to ruin credit ...
Mon Jul 28, 2008 01:07PM by Tony | More in Credit Repair | Comments (0)
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