5 Ways Your Minor Bills Strangle Your Credit Score

We all know all the major financial irresponsibility or default will bring down significantly credit score but your practice of paying late or ignoring continuously payments of smaller amount of various forms of bills/debt which seem quite insignificant and minor to you such as unpaid housing rentals and medical bills etc. can also become a detrimental to your overall credit score if you do not understand the intricacies of credits
Here are five ways, though not limited to, hurt your credit score

1. Late Payments and Large Balances of Credit Card
Late payments of your credit card not only force you to pay additional infringement fees, but also put a black mark on your credit history. Some credit report experts say poor payment record consists of between 30 and 40% of your overall credit score, and in some cases even a single late payment can reduce 100 points in the worst scenario. If your credit card has a significantly large balance, it would also compound unimpressive to lenders and creditors.

2. Unpaid Or Not Fully Paid Medical/ Health Care Bills
This can damage your credit score. Should it get to the stage that a collection agency gets involved, this will be noticed in the lending circles.

3. Non-Payment Of Housing Rentals
This can also aggravate your credit ratings. Your landlord can report your eviction on the grounds of defaulting on your housing rent payment and this is definitely a big no-no for real estate agents/property management companies and lenders. Apart from resulting in poor credit score, you might have to rent properties directly through generous landlords as you might face difficulties in renting though real estate agent

4. Piling Up Utility Bills
Though late payments on utilities, telephone bills for a cable TV are not often referred to credit agencies, a number of US states actually report these types of infringements to collections agencies. Payment of this type of bills on time may actually do you a favor in credit score.
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5. Unpaid Library Fines And Parking Tickets
These might not seem a significant amount but unexpected consequence on credit score can be brought upon you, These days most municipal and local governments tend to resort to collection agencies to recover these unpaid bills. Should you ignore continuously for long time to pay library fines or parking tickets by due date and this end up with a collection agency, this could make your credit score drop by maximum 100 points depending on severity.

Though late payments and large balance of credit card, piling medical or utility bills, paid housing rentals and unpaid parking tickets for library times may sound like only small hiccups, these actually contribute to slowly strangle your credit score and may end up preventing you from better quality of your life by purchasing a new home or car or paying for your child’s future college tuition. And you are forced to embark on credit repair to reverse your fortunes.

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