It’s no secret that your credit is the single most important factor that is considered when you apply for any type of credit card or loan. There are tons of tips out there to improve your credit, but in addition to putting those practices into place, you should also know about what sneaky things have the ability to tank your credit score.5sneakythings-01

1. Maxing Out a Credit Card: This makes your credit utilization 100% and has one of the worst impacts on your credit score.

2. Not Knowing That Paying off a Collection Account Will Not Remove It: You can’t hide from FICO – the paid account will remain on your report for seven years.

3. Opening New Credit Cards to Increase Your Credit: You may think it expands your credit portfolio, but creditors could see it as you trying to max out your credit potential.

4. Not Using Your Credit Cards: You can’t build credit without using credit. Some creditors even have a time period after which your account will be marked inactive, and some will simply close neglected accounts.

5. Making Purchases by Using a Retailer’s 0% Financing Program: This offer is usually viewed as a last resort type of loan and could cause creditors to view you as high risk.