Frugal Tips

Frugal tips for all. Simple ways to save and earn.

Want to kill your credit score instantly? No problem. Here are five easy ways to kill it fast.

1. Every time you visit a store, apply for their credit card. Every time you do this you will not only get a new attractive piece of plastic and a 10% off your first purchase (something that you really didn’t need), but you will lower your credit score by 5 points every time you open a new card.

2. Use your credit cards as much as you can.

The smaller the difference between how much you owe on a credit card versus how much you can borrow, the lower your credit score. So push all of your credit cards to their limits and your credit score will surely go down.

3. Skip a payment or three. This is a great and a fast way to kill your credit score. If you are a month late in paying your bill, your credit score can go down up to 110 points.

4. Now take all the credit cards that you opened and close them. Since part of your credit score depends on how long the credit cards were open, closing your credit cards will surely lower your score. At least you saved your 10% when you opened the card, right?

5. The best way to dramatically lower your credit score is to file for bankruptcy. Bankruptcy will lower your score by up to 240 points (if it is on a higher range) and will lower it by at least 130 points if it is already low.

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