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Sneaky Things that can Ruin your Credit Score | Mani Bagga

Posted by Mani Bagga on Monday, November 7th, 2022 at 10:58pm.

Sneaky things that can ruin your credit score- Mani Bagga

Credit scores are essential. They determine whether or not you can get a loan, a job, or a place to live. But even though your credit score is necessary for everything from getting a loan to buying a house, it can also have negative consequences. If your score is too low, you’ll be turned down for loans, jobs, and other opportunities that you would be qualified for if your score was higher. On the other hand, having a high score also means that you will quickly get loans, mortgages, etc.

To keep yourself from going over the edge with stress-filled credit score anxiety, here are some things that can ruin your credit score:

Getting Furnished With Credit Scores Too Quickly -

One of the mistakes many people make is getting their credit score too high too quickly after opening an account. Because it’s tempting to try to gain a competitive edge by offering more services or accepting more loans to get a higher score, you end up overextending and exhausting yourself. Make sure you stay on track and make consistent payments to avoid being repossessed and having to put your vehicle up for auction. You don’t want that to happen, so make sure you pay your bills on time and in full.

Make really big purchases -

This tip can go a long way in helping your credit score. Make sure you pick up the tab for big purchases such as vehicle repairs, vacation travel, and medication. Also, don’t make repeated small payments. If you have to make a payment of $50 this month and another payment of $40 next month, you aren’t being considerate of your lender. It’s like you have a mental block against paying them. Pay them what you’re due and then some.

Get In Over Your Head On Debt -

This one is also a big no-no. It’s tempting to borrow money when you don’t have much money in the bank, but doing so will damage your credit score. If you borrow money, make sure that you pay it back. If you fall behind on your payments, it can heavily impact your credit score.

Unable To Manage Your Debt Properly -

Here’s a truth that most people don’t know: If you don’t pay off your debt, it builds up, and eventually, you may not be able to pay it off. Suppose your credit card balances are higher than your bank account. In that case, you may be able to negotiate a lower interest rate. Still, for most people, the interest rate is too high, and the balance will increase before it can get paid off. This can lead to significant stress for people on the brink of a major life event. The best way to start managing your debt is to sit with a qualified debt management professional and discuss your options.

If you have a good credit score and are looking to utilize it to its best, you might look for a property in Edmonton as an investment or simply for yourselves. You’ll be more than happy to know that we’ve got someone who can get you the best deal on the best property in Edmonton in both cases. Mani Bagga and Team Bagga from Royal LePage Noralta are the pros of buying and selling homes in Edmonton. Their knowledge of the area and ability to judge a yay or nay deal makes them the best realtor in Edmonton. To know more or to schedule a call/meeting, visit www.manibagga.com



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