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Common habits that can hurt your credit score, part two Atlanta, GA

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Common habits that can hurt your credit score, part two

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Earlier this week, we began a discussion of the ways that Atlanta readers can unknowingly damage their credit scores, including failing to pay library late fees and parking tickets, and not filling out a change of address form when you move. Today, we will discuss three additional common habits that can harm your credit score and potentially result in long-term financial issues.

This may come as a surprise to many, but closing a credit card can significantly damage your credit score. This is because doing so will decrease your credit limit, thereby increasing your ratio of used to available credit, also known as credit utilization. In addition, if you close an old card, if could decrease the average age of your existing accounts. Because older accounts are better in the eyes of the credit reporting bureaus, a drop in the average age could also cause your credit score to decline.

Similarly, getting a credit card with no listed limit could harm your credit rating, even if it seems like a good thing for you. This is because, when credit card companies do not report a credit limit to the credit bureaus, they assume that the limit is zero. Therefore, any amount you put on that card is going to be seen as going over the limit, and it will significantly increase your overall credit utilization.

Finally, if you are interested in receiving your credit score, it is best if you go through the credit reporting agencies to do so. Asking a banker or similar financial professional to check your score will result in a “hard inquiry,” which will harm your credit score, on your report. Because it is considered a “soft inquiry” when you request your own score, it is best if you go this route.

Source: U.S. News & World Report, “7 weird ways to hurt your credit score,” Jim Wang, June 11, 2012

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

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I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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