5 weird things that damage your credit

Common sense dictates that your credit scores will take a hit if you don't pay your bills. But what about getting a parking ticket?

 of 7
 of 7

VIDEO ON MSN MONEY

169Comments
Dec 11, 2013 8:21AM
avatar
I would sincerely like just one person with inside information, tell me honestly, without any BS, how in the Hell, can checking your (corporate BS) Credit Score can cause your (corporate BS) Credit Score to go down.   That essentially, would be the equivalent of your bank docking you money for checking your account balance.  Pathetic at best, Criminal at worst.  Just as with the IRS, it's time to abolish both practices and entities, they are just another way to enslave the working poor, or, what used to be known as the Middle Class.
Dec 11, 2013 12:50PM
avatar
Will my credit score go down because I read this article?
Dec 11, 2013 6:08AM
avatar
Anytime there is a Article about Food Stamps and the ACA, in matter of minutes, there are hundreds if not thousands of posts. Yet when we have just as important topics like this, we barely see a trickle. Credit Scores are the Biggest SCAM going currently against the Working Poor and Fading Middle-Class. Instead of voting 40plus times to only Repeal the ACA, how voting just once to Repeal the SCAM which is Credit Scores. Credit Scores are just another way to TAX the Working Poor and fading Middle-Class. The top 1% are literally trying to BREAK the BACKS of hard Working Americans.

Credit Scores are a way for Corporate America to continually Gouge everyone not filthy Rich. They don't have to worry about Credit Scores. Big Banks are paying ZERO on savings yet still have Loan Shark RATES. Big Banks are paying ZERO on savings yet have the highest Fee Rates ever. Meanwhile Too Big to Fail, Too Big to Jail Banks are paying out massive Payouts to all the CEO types while making sure all our Jobs are outsourced to slave Labor Overseas. And we just sit there and take it.
Dec 11, 2013 12:15AM
avatar

"A financing plan like this is usually considered a "last-resort" loan by creditors assessing your creditworthiness."

 

Which makes absolutely no sense, just as the credit agency's business model for determining credit scores.  0% financing for 12 months means the consumer has use of their own money for 12 months, which is a smart move and should not be punished.

Dec 11, 2013 10:39AM
avatar

A girlfriend of mine many, many years ago worked at the Arizona Biltmore. This was when the Biltmore was a big deal. She worked in the billing department.

    Leonna Helmsley was staying there for an extended period while having her house built in Paradise Valley. Linda made the mistake of asking Ms Helmsley for a credit card to back up the extensive charges she was making while at the resort.

   Leonna went crazy. They didn't call her the Queen of Mean because she volunteered at church. She said something that neither one of us understood at the time. "credit is for poor people!".

   I understand now.

Dec 14, 2013 4:51PM
avatar

OK, I'm retired, got money in the bank, own 2 properties worth about $250k each (paid for), bought a 2011 pickup truck ($37k) which I paid off within 24 months.  Credit score at that time was 833. I was considering another purchase about a month ago and my credit score was 841.  I asked for a minimal credit line increase on my BARCLAY CARD, and was rejected because of "high amount of credit available from other accounts"!!

 

ARE YOU KIDDING ME???  I don't owe anyone or anybody, anything!

 

I get turned down because I have "TOO MUCH CREDIT"!!

 

And they stated my credit score was now only 774!

 

You are right, the credit rating/scoring system is a 'BIG JOKE"......

Dec 11, 2013 2:35PM
avatar

Credit companies like Equifax are a total rip off.   You have many credit ratings.  They dump your score by running your credit then you get charged a high interest rate when buying a home or auto.  Credit ratings even project how much auto insurance should cost you.  I would love to know the tie there.  Some insurance company just tagged themselves to a whole bunch of money.

 

If you have a bad medical bill, even one you knew nothing about, it dumps your credit possibly even up to 100 points but the good credit never helps that much.  There needs to be some sort of regulation on credit.

Dec 11, 2013 6:37AM
avatar
This is a Quote from a poster, "Here is one, unspoken, infallible truth in all this, if you didn't pay your bills in the past, chances are you probably won't in the future either."

How any buffoon would think that is why this country hasn't addressed many of it's growing problems. Too Big To Fail, Too Big to Jail folks get a Free Pass but some folks prefer to harp on the Working Poor and Fading Middle-Class as if everything is their Fault. Many times it is NOT.

When our Jobs are being outsourced to Slave Labor overseas, that's a huge problem. When Real Wages have either declined or stagnated yet Rental Rates and Car Prices have Soared to new highs, that's a huge problem. Food prices are NOT going Down but Fees for anything and everything else are going up. So what are hard working American getting in Return for their hard work, Loan Shark Rates that makes it literally impossible for most to get ahead in life regardless of how MUCH Fat they cut out of their lives. So many are living paycheck to paycheck in spite of working Harder and being far more Productive than anytime in our History.

What are the top 1% and the Barking Dogs getting, everything they don't need and all the Breaks they don't need. What Too Big to Fail, Too Big to Jail has created is the Greatest Wealth Divide since the Great Depression. The Main Stream Media Types are literally making Millions each year so they will never report on the issues of most Americans since most Media Types are part of the top 1%. Jesus warned us about the Money Changers for a Reason, clearly we thought we knew better, we don't. Now we continue to pay the price.
avatar
Being debt free and avoiding the acquisition of more debt .................... will hurt your credit rating, but, LOL, who gives a ______, you now scoff at loan offers since most of them are for less than you now have in your checking account!
Dec 14, 2013 6:16PM
avatar
Pay cash for everything.  It's surprising how fast you find out that "must have" becomes a "not needed".
Dec 11, 2013 12:24PM
avatar
Five things that damage your credit?   Is that how many credit companies are out there? There should be a federal law to abolish and make it illegal for these blood sucking for profit companies even to stay in business.  Hey! - credit companies... want my Social Security number? - F**K OFF
Dec 11, 2013 2:26PM
avatar
"Financing the purchase of your new bedroom suite"

I got burned on this. I had a new shower installed and their offer of 12 months at 0% made more financial sense that dipping into savings. I paid it off in time and loved my new shower. However, 6-8 months after the Wells Fargo "credit card" (with credit limit, minimum payments and a website and billing statements that looked like I was dealing with a credit card) was paid off, I got a notice that having a balance with a finance company was impacing my credit score after I applied for a car loan.

"This must be a mistake. I've never taken out a pawn or payday loan in my life," I thought to myself. It took awhile sifting through credit forums to figure this out.

My credit risk did not change and I was not desparate to finance this; I thought I was making a wise decision by preserving my liquid capital. I had no idea what I was paying off was not a "true" credit card until well after the fact. Needless to say, I closed that account that day I got that notice.
Dec 10, 2013 10:51PM
avatar
CREDIT SCORES I AM NOT SURE WHO MAKES THE MOST OFF OF YOUR CREDIT CHECK THE POLITICIANS THAT PASS LAWS FOR THEM TO MAKE MONEY OFF OF US OR THE ONES THAT RUN THE THREE. WHAT A SHAME YOU CANT DO THIS YOU SHOULD NOT DO THIS, HOW ABOUT IF THEY TAKE THEIR CREDIT SCORE COMPANIES AND PUT THEM WHERE WE WONT WANT TO LOOK. IF YOU DON'T USE YOUR CARD YOU ARE PUNISHED, IF YOU DO AND CARRY A BALANCE YOU ARE PUNISHED WITH 29.00% INTEREST. HA SORRY NOT FOR ME. CORAVETTE
Dec 14, 2013 4:24PM
avatar
Credit scores are just a way for banks to attempt to control people.  It's like one must do what they say or they won't get a loan.  What a big sham.  As someone who has paid their way most of their life, I find it ridiculous that someone who has not taken out much credit in their lives has a low score.  FU bankers.
Dec 14, 2013 6:53PM
avatar
The game is to make  your score go down so you pay the highest interest rates possible.
avatar
It should be about collateral, but it's all about the debt.
Dec 14, 2013 4:28PM
avatar
AND WHY--instead of publishing a story calling out the ridiculous ways credit scoring companies screw us--is MSN doing a public PUBLIC SERVICE ANNOUNCEMENT for them?

These companies and the people who run them are criminals. Along with all the banks and businesses that collude with them. Get you head out of your **** MSN. 
Dec 11, 2013 2:00PM
avatar
Your screwed if you do your screwed if you don't

This is how these corporate scams work. They should all go bankrupt with NO BANKRUPTCY given
Dec 11, 2013 5:30PM
Dec 11, 2013 9:06AM
avatar
Why weren't they charged with fraud when they didn't down grade governments and banks? In effect raising their borrowing rate to double figures with penalties adding 10 to 20% increase to interest payments? Or did they? Fraud:   (1) a false statement of a material fact,(2) knowledge on the part of the defendant that the statement is untrue 
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.