What happens when your credit is ruined?
Robert Bradley 
A poor credit history can have wider-ranging consequences than you might think. Not only will a spotty credit report lead to higher interest rates and fewer loan options; it can also make it harder to find housing and acquire certain services. In some cases it can count against you in a job hunt.
How long before credit score is affected?
How long it takes to raise your score
| Event | Average credit score recovery time |
|---|---|
| Missed/defaulted payment | 18 months |
| Late mortgage payment (30 to 90 days) | 9 months |
| Closing credit card account | 3 months |
| Maxed credit card account | 3 months |
How can I find out what is affecting my credit score?
This is easy to do by phone:
- Call Annual Credit Report at 1-877-322-8228.
- Answer questions from a recorded system. You have to give your address, Social Security number, and birth date.
- Choose to only show the last four numbers of your Social Security number.
- Choose which credit reporting company you want a report from.
How does your credit score affect your life?
Your credit score is a powerful number that affects your life now and in the future, in ways you might not even imagine. Your score determines interest rates you pay for credit cards and loans, and helps lenders decide whether you even get approved for those credit cards and loans in the first place.
How does closing a credit card affect your credit score?
Closing a credit card account will not only increase your utilization ratio, but it may also reduce the length of your credit history—both of which can impact your FICO ® Score. Closing a credit card account you have had for some time can shorten your average credit age, and that will factor into your credit score.
How long does pursuit of New Credit affect credit score?
A hard inquiry can knock your score down a bit for a year and stays on your credit reports for two years. Compared to payment history and debt-to-credit limit ratio, “pursuit of new credit” is a minor scoring factor. It typically results in about 5 points taken off your score.
How does checking your credit report affect your credit score?
Note that checking your own credit report results in a “soft” inquiry, which does not affect your credit score. Some factors are commonly thought to influence your credit score, but they don’t —not directly at least.
