10 Ways To Completely Ruin Your Credit
This is a guest post from Pinyo, author of Moolanomy, a personal finance blog about money, wealth, investing, and more. Subscribe to Moolanomy’s RSS feed here.
This post is inspired by one of my readers, whom I will call Mr. M. This is not the usual list of improvement tips, so don’t follow these. If anything, please do the opposite. Here are 10 ways to completely ruin your credit score, waste a lot of money, and get yourself in trouble:
- Respond to every pre-approved offer you can lay your hands on; especially those in-store cards
- Buy everything you ever wanted with credit
- Pay your bills late
- Don’t pay your bills if you can’t afford it
- Let your accounts go to collection
- Don’t pay your landlord
- Don’t pay your taxes — who cares about tax liens
- Use your bills as firewood when they turn off your electricity
- Use payday loans as an emergency fund
- Declare bankruptcy
Are you doing any of these?
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October 17th, 2007 at 6:45 am
That’s scary. I’ve never done any of those things. But I am in debt. I always think my situation is as bad as it can be. I can’t believe that there may be people out there that have actually done this stuff.
This may sound strange but I feel a tiny, little bit better.
October 17th, 2007 at 7:22 am
Like wealthy_1, I feel a tiny bit better too. At least I haven’t done this.
October 17th, 2007 at 7:27 am
@Paidtwice – thank you for the opportunity to entertain your readers with my guest post.
@wealthy_1 – I hope (no one person) is doing this either. But there are people out there who have done one or more of these things.
@Mrs Micah – Hello! Fancy seeing you here
October 22nd, 2007 at 3:50 pm
Thanks for the fun post Pinyo!