What causes a bad credit score?

+1 vote
asked Feb 5, 2018 in Credit by Whison (280 points)
What causes a bad credit score?

What things can cause a person to have a bad credit score and credit rating?

1 Answer

0 votes
answered Feb 5, 2018 by Minty (141,500 points)
Causes of a bad credit score include, taking out too many loans in a short time period resulting in too many hard inquiries on your credit report which lowers your credit score.

Other things that can cause a bad credit rating are not paying credit cards on time, defaulting on credit cards and defaulting on loans, repossessions, defaulting on a mortgage, or car loan, and even not paying utility bills on time or having utilities shut off and not paying the amount you owe to the utility company can result in a bad credit score.

Even cell phone bills not paid on time reflect on your credit score and can lower your credit rating.

108,717 questions

117,674 answers

1,358 comments

7,058,500 users

...