Little known factors that lower credit score

Without realising many individuals unwittingly hurt their credit scores through incorrect financial decisions. While these may seem trivial and are soon forgotten these sometimes later pop up as part of credit checks.

Library Fines

Unpaid library fines can be sent to collection agencies. Once in collections, even small debts can appear on your credit report and damage your score. This is similar to the impact of bad credit scores that can arise from various overlooked factors.

Phone Contract Defaults

Mobile phone contracts are credit agreements. Missing payments or defaulting on contracts will be recorded on your credit file, much like the consequences discussed in The Impact of a Bad Credit Score.

Shared Finances

Having a joint account or joint credit with someone with poor credit can affect your score through financial association.

Too Many Applications

Multiple credit applications in a short period can lower your score. Each hard search is visible to other lenders.

Conclusion

Many factors can affect your credit score beyond obvious ones like missed loan payments. Being aware of these helps you protect your credit rating.