July 19, 2006

Money management trivia

Five ways to destroy your credit rating:

- Late payments (obvious enough)
- Maxing out the credit limit (keep it under 35% of the maximum)
- Closing credit cards, especially the oldest ones (indicates trouble; older cards show your history)
- Too many specialty cards for store chains (indicates a possible cash flow problem)
- Ignoring fines or tickets (some government agencies are reporting these to credit agencies)

Additional information is available here.

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