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6 Factors That Could Effect Your Credit Score

Having good credit is essential for a number of aspects of your life, ranging from the interest rate on a car loan or credit card to background checks for employment. Poor credit can be incredibly expensive, costing you thousands of dollars in higher interest rates over the course of a home loan. Fortunately, with proper care and attention paid to your finances, it is possible to maintain a good credit rating.

When buying or selling in the Greater Lafayette, IN area, these factors are important to keep at the forefront of your mind. Credit score is a major factor in the buying and selling process! We are here to help, making your real estate transaction smooth operating!

Here are six factors that could damage your credit score:


1. Not paying your bills on time 
– Bills not paid within 30 days can be reported to

the credit bureaus.

2. Utilizing all of your available credit on credit cards – It is important to not max out your credit cards without a plan to pay them off.

3. Not having a diverse mix of credit – Having different types of credit, such as car loans and revolving credit, could help improve your score.

4. Applying for too much credit – Multiple applications for credit cards in a short period of time can be a bad sign.

5. Not using credit at all – You must show that you can responsibly use and manage credit in order to maintain a good score.

6. Closing credit cards – Keeping long-term accounts open is important, as closing them removes the positive history from your report.

Good credit is especially essential when searching for a new home or home loan. Having a good credit score can make the difference between having your loan accepted and being declined. Poor credit is preventable if you pay attention to the above mentioned criteria. So, be sure to stay on top of your finances to ensure success.


For up-to-date information on YOUR Indiana area neighborhood or a FREE Seller Consultation – call The Romanski Group at (765) 293.9300.  Using an experienced team is the way to get your home ‪SOLD‬! You deserve the BEST Real Estate Team in the Lafayette Indiana area!

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