<p style="text-align: justify;">In today’s world, your credit score is a highly reliable way to determine how financially responsible and trustworthy you are. Your <a href="https://newsforpublic.com/build-better-credit-score-buy-house/">credit score</a> is most useful when you wish to take out a large loan to buy a house, a car, or anything of the sort.</p>
<p style="text-align: justify;">Having a good credit score means that your loan is easily approved and you can get a low-interest rate as well.<br />
The real formula for calculating your credit score is a top-secret guarded by FICO, however, there are many ways to determine how well you are scored and how to keep track of it.</p>
<p style="text-align: justify;">Maintaining your credit score can also be quite precarious, and even the tiniest bit of neglect can really throw your score under the bus. Even though websites like <a href="https://creditrepaircompanies.com/lexington-law/">Lexingtonlaw.com reviews</a> your score and can help you get back on track, it is still risky business to have your score go down in the first place.</p>
<h2 style="text-align: justify;">So here are some mistakes you might make that can harm your credit score:</h2>
<h3 style="text-align: justify;">Missing or Delaying Loan Payments</h3>
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<p style="text-align: justify;">Perhaps, being irresponsible with loan payments has the greatest negative impact on your credit score. It’s usually alright if you have missed one payment or have delayed it for a couple of days but if a delayed payment of around 30 days is reported to FICO, your credit score could take a massive blow which could be really difficult to recover from.</p>
<h3 style="text-align: justify;">Sudden Spike in Credit Card Balance</h3>
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<p style="text-align: justify;">Another thing that can really put a dent in your score is when your balance goes up but your credit card limit remains the same. If you can somehow manage to pay off the balance immediately you might be safe, but it is best to keep your balance as low as possible.</p>
<h3 style="text-align: justify;">Prolonged Unemployment</h3>
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<p style="text-align: justify;">While short bouts of unemployment don’t harm your score too much, it is a prolonged term of unemployment that you need to watch out for. When you consistently receive unemployment benefits or credit card companies take note of your decreased income, they make it a point to report it which can really bring down your score.</p>
<h3 style="text-align: justify;">Unpaid Bills</h3>
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<p style="text-align: justify;">It is not just missing loan payments that can harm your credit score. If you have any unpaid utility bills or medical bills, that can also show your credit card companies that you are indeed a financial disaster and they can bring down your score further. Even something as simple as overdue books at the library can trigger this phenomenon so be very wary of your everyday financial responsibilities.</p>
<h3 style="text-align: justify;">Closing Credit Cards</h3>
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<p style="text-align: justify;">Closing a credit card on its own is not exactly sinful, but it is when you close a card with an unpaid balance on it that can make your score plummet even further.</p>
<h3 style="text-align: justify;">Applying for too Many Credit Requests</h3>
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<p style="text-align: justify;">While taking loans and using credits and being responsible for the payments is generally a good thing, it is undesirable when you apply for too many requests in a very short period of time.</p>

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