5 Ways Other People Can Lower Your Credit Score
Your credit score is a valuable asset that must be maintained and protected. Unfortunately, there are ways that other people can negatively affect your credit score – either inadvertently or with bad intent.
Protect your credit information by carefully monitoring these five potential paths to a reduced credit score.
1. Joint Accounts – Joint checking accounts can backfire if one partner abuses the account. Overdraft fees and other penalties can affect your credit score even if the other partner is responsible.
If you decide to cancel a joint account, be sure all parties are involved in the cancellation. You may still be responsible if one party leaves the account open but abandoned with unpaid fees and penalties.
Risks of joint accounts go beyond credit considerations, since one partner may clean out the...
from MoneyTips https://ift.tt/2NM74Ps
Comments
Post a Comment