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How your credit mistakes affect your credit score

Posted on: June 15, 2012 | Author: Staff

It's a tough lesson to learn but an important one: every action has a consequence. And unfortunately, your credit mistakes have quick and significant consequences relating to your credit score.

Credit scores range from 300 to 900, and anything over 725 is pretty good. Here's how a few unwise debt decisions affect that important number:

Credit mistake Impact on your credit score
Maxed-out credit card Lose up to 45 points
30-day late payment Lose up to 110 points
Debt settlement Lose up to 125 points
Foreclosure Lose up to 160 points
Bankruptcy Lose up to 240 points

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