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Trash Your Credit Rating Faster than Bush’s Approval

joeconsumer.info — Like a president's approval rating, a strong credit rating is based on a history of responsible behavior. I took Bush 5 years to wreck his approval rating, you can wreck your credit rating a whole lot faster if you aren't careful. Find out how.

Who dugg this? Made popular Jan 15, 2008

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30 Comments

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  • Dumbledorito, on 01/15/2008, -2/+20I don't have the luxury of trashing my credit rating; some bastard with my SSN did it first. The companies he defrauded, ironically, took less personal info from him to believe he was me than I'm having to provide to prove that he wasn't.

    There's something profoundly ***** up about that.
  • p0etree, on 01/15/2008, -5/+19Haha it's always golden when you can work in how bad Bush sucks into a post
  • meandnips, on 01/15/2008, -0/+14I think the credit rating system has an element of a shell game to it.All sorts of odd manipulations can affect your credit rating. Not only will maxing your your credit cards trash your rating, if you use too much of a percentage of your available credit, even if you pay off your balance each month, your score will lower. So, if you have a 5K limit and use 60% of it your score will be lower than if you use 25% of it, regardless of whether you pay it off in full. Negotiating your way around credit ratings is like being in some arcane game where you can never find out all the rules
  • inactive, on 01/15/2008, -0/+12When I die, I want my credit score and my resume printed on my tombstone. In this world, they are the only two documents that seem to matter to anyone.
  • XaulZan, on 01/15/2008, -7/+13lol, nice title
  • virtualball, on 01/15/2008, -1/+7I never understood the credit rating system. So if I forgot to pay a credit bill when I was 19, I can't buy the house I want when I'm 40? Please correct me if I'm missing something. On Digg, it seems that if someone's wrong, they always get Dugg down, well, at least give me a reason :)
  • drandolph, on 01/15/2008, -0/+6Best way to ruin you credit score is to post you SNN and your mothers maiden name here in the comment section. Go ahead, do it. I dare you.
  • JoeBaynham, on 01/15/2008, -1/+6Don't sign up for credit card that come with a free bottle of coke.
  • zbeast, on 01/15/2008, -0/+41) never use your credit card when cash will do.
    2) never use your credit cards as a way to finance a purchase.
    3) never use or get "store cards". Store card are often issued by the same banks that do normal credit cards but the score you
    get for using them is lower.
    4) pick a card with a good rate and stay with it... if you constantly switching card companies for a lower rate
    credit companies look at that as bad.. Remember they are trying to use the credit system to rip you off.
    5) two credit cards are more than enough. Remember credit is not money it's debt.
    6) Never used cash advances. (credit company's love cash advances the interest rate is high and the interest starts immediately)
    7) You have creditor? Is this debt unsecured? Tell them to suck it up.. banks are hurting right now and you'r in the drivers seat.
    8) if you must use your credit card...always plan on paying the bill in full at the end of the month and never spend more than 50% of the credit value of the card. When I say plan I mean do it... Remember credit companies will not work with you on your debt.. if you slip up
    they are there waiting to charge you late fees, over the limit fees and penalty interest rates of up to 30%.
    I always see these stories about how evil people are for not paying there credit card bills...
    it's not there fault people want to pay there bills but if you get behind because your, sick, hurt, or lost your job credit card vender's don't care.. they want you to fail... If your a bank which would you rather do.
    let someone pay you 9% interest on the reaming balance per month... or 30% interest $50, late payment fee and $35 over the limit fees..


  • shahadar, on 01/15/2008, -0/+4It reports the last 7-10 years for delinquencies, so don't worry about it hanging over you for life. Also, a late payment on your card doesn't show, only if you're over 30 days late, and even then it shows as a 'minor'. Most good banks forgive a few minors here and there.
  • z28com, on 01/15/2008, -1/+5I think we all need to die in the worst debt ever. Just make sure that when you die that you have like no less than $500,000 in debt on your tab. Live life until its fullest. Get all the toys NOW! You only get ONE CHANCE! Max out all of your cards. Ask anyone in a cancer ward or similar situation. They'll give you a list of things they wish they had done before they are ready to die. You never know when your time is up. You don't take your wealth with you when you die, so live it up! MAX OUT THOSE CARDS and leave them maxed out until you die! OWE EVERYONE!
  • Telexen, on 01/15/2008, -0/+3You're 100% right except for #1. Using your credit card regularly YET RESPONSIBLY will help your credit. I've helped my credit a lot by making all of my purchases on a credit card I get rewards from and pay off EVERY month...it's necessary for people who don't run out and get a lot of loans. Planning is the most important thing when going about this...use your credit card only when you could pay off your entire monthly debt immediately.
    Hell you don't even have to buy everything. Get a credit card and buy only gas or groceries with it...most these days give you 3% rewards standard on those things.
  • benguild, on 01/15/2008, -0/+2Sounds like my friends father.
  • inactive, on 01/15/2008, -3/+5What a horrible attempt to be political.
  • inactive, on 01/15/2008, -2/+3No... my credit isnt all that great, yet Ive managed to buy a home and two vehicles. And they get paid. Dont let the hype on credit reports spook you. Someone, somewhere, desperately wants to sell you something. Just be patient, and it will find you.
  • Czar, on 01/17/2008, -0/+1ditto, #9 is bull... Continue to pay the min. balance, it doesn't make a difference.

    Re; Credit pulls... Perhaps ten or twenty hard inquires will lower your score a couple of digits, no big deal.
  • ngmcs8203, on 01/15/2008, -0/+1I had heard that they are changing the way the credit rating works to alleviate some of the ways that scoring is a little f-d up.
  • inactive, on 01/15/2008, -1/+2that is not how it works. Comment buried!
  • jdb762, on 01/15/2008, -0/+1Number 9 is NOT accurate -- so long as you continue to make a timely payment, minimum or more, creditors look upon this FAVORABLY because this is where creditors make their money. Your debt-to-credit ratio bears more as an indicator of whether or not you are overextended.

    Additionally, I recall something about if your credit report is accessed too frequently, it affects your credit score. Does anyone have the specifics on this?
  • _skin_, on 01/15/2008, -1/+1Dugg for my credit cards being charged up after CES and MacWorld.
  • chicagobiker, on 01/15/2008, -1/+1Best way to protect your identity = Have one no one will want to steal!

    Don't use credit. It's a joke and a lie. If you can't pay cash for it you can't afford it.
  • JonStark, on 01/15/2008, -1/+1Dugg, learned my credit score to be 700. Now a member of Equinax too.
  • Boing, on 01/15/2008, -1/+1I think they can all be summed up in one generalized statement: Be a dumbass.
  • EnderMB, on 01/15/2008, -3/+3The number one secret to getting a page on the front page of Digg: Make fun of President Bush.

    Sad times for Digg.
  • Aard88, on 01/15/2008, -2/+2You're wrong cause that's not how it works...
  • yacks, on 01/15/2008, -2/+2555-55-5555
    Smith
  • Urusai, on 01/15/2008, -1/+1To hell with your credit score. I have better things to do in life than structure my finances according to some nebulous rating system. There are only two things most people need credit for, housing and a car. There are programs to help with housing (I use a VA home loan myself), and you can pretty much walk into any auto dealer and get some kind of financing.

    Stop being a good little slave, playing the games the rich want you to play.
  • inactive, on 01/15/2008, -3/+2Lame
  • J3EBS, on 01/15/2008, -1/+0Wait all that stuff LOWERS my credit rating? Is that why I can't walk into car dealerships anymore??
  • soyan, on 01/15/2008, -7/+4Nice graphic of Bush's approval rating decline!

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