Credit Score Range – 3 Things That Can Hurt Yours and You May Not Even Know It.

Your credit score range is influenced by many factors, one of these could be having a negative affect on your credit score without you even realising it.

1. The first and most damaging thing people do to ruin their credit score range is to have too many inquiries.

Every time a lender does a credit check and looks into your credit history the credit agencies take notice. This can become a serious problem due to the fact that people don’t always know when their credit history is being checked.

For example, every time you apply for a new credit card, loan, overdraft protection, mortgage, phone company package, cable installations, department store credit cards, or even a membership at a video rental store, your credit history is pulled and your credit score range can plummet.

2. Another way in which some people unintentionally damage their credit score range is by allowing for additional “Authorized users”.

This is when a credit card holder signs an agreement to allow a secondary user to purchase and pay using their card. These situations usually involve parents and children.

For example, if a father has a credit card and signs his daughter on as an authorized user, she is able to purchase anything with the card without being responsible for the monthly payments. Sounds like a good plan right?

Well, if the father’s business takes a turn for the worse and the credit card payments fall behind, it will not be only his credit score rating which is affected. His young daughter’s score will be hurt also and she will have to work at repairing the damage.

3. There are also millions of young couples who are starting out and looking to purchase a new home or start a family, who are shocked to find out their credit score range is not what they thought.

They explain that they are on top of everything and try to make all of their payments on time and for amounts over the minimum.

So, how did this happen? There is probably one explanation which many people don’t even realize can affect their credit history and that is name changes.

If a young wife applies for a new credit card using her husband’s name, the credit bureau will create a new and separate file even though the addresses may be the same.

Many files with the bureau can effect your credit score range without you even being aware, making loan approval that much more difficult and stressful.