Financial Folly: Why Seven Smart Financial Decisions Will Lower Your Credit Score
A smart financial decision can create a very negative result to a personal credit score. Unfortunately, most consumers are not aware of these penalties and therefore do not avoid them. Here’s an example I remember from a client of mine named Karen: She went from 662 to 593 in 81 days. What had she done? In a well-intentioned but ultimately costly move, she had accepted a “zero interest for 6 months” offer. She didn’t want to utilize her current Visa at 19% believing that the rate was too high. That was the well-intentioned part – 0% interest instead of 19% interest- but the Credit Scoring System doesn’t know what interest rates you or I or Karen pays….nor does it care. Her score dropped 81 points. Is it smart to pay 0% interest instead of 19% interest? Absolutely. Can that action, even if smart, lower a credit score? Absolutely. This book is about the Financial Folly that consumers all across America experience simply for making smart financial
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