Here are three credit mistakes that I’ve made in the past that will tank your score, and one deadly credit mistake that I haven’t.
1. Credit utilization too high
Credit utilization is 30% of your score. 1-6% Utilization is where you get maximum points. Before I understood how FICO scores worked I routinely had utilizations of 30% or more, which literally tanked my scores.
Some people tell you 20% or 30% utilization is Ok. No, it’s not. You need to be in that 1-6% range of utilization. You can have reported balances without having to pay interest if you understand how the system works.
2. Closing old accounts
Length of credit is 15% of your credit score and credit age is the hardest thing to earn because it takes the most expensive thing you have; which is time.
A while back I made the choice to close old accounts because I didn’t want someone to have access to them anymore. That was a big mistake and it dropped my score for years until I had enough history in other accounts to bring the average age back up to where it was before.
3. Too many inquiries
Pursuit of new credit is only 15% of your score but if you have more than two inquiries in any six month period it destroys your credit profile.
Lenders not only look at your scores, but also at your profile to give them insights into your financial condition. Having a bunch of inquiries on your credit makes you look like a thirsty muthasuka, and many institutions will automatically deny you for new credit—even with an 800+ FICO score.
Ok, those are the mistakes I’ve made, but the one mistake I haven’t made, and it’s the deadliest credit mistake you can make; missed payments.
Payment history is 35% of your score, but just one missed payment can zap your score down by 100 points plus. Not only your score but a missed payment completely ruins your profile. Eventually the impact of a reported missed payments diminishes, but it costs you your most valuable asset. Time
I’ve repeated this thousands of times just as my rich Uncle G told me to my face. DONT EVER MISS A PAYMENT. EVER
Good luck
Ho
Lee
Shit
I just had a JuCo chick I've never seen in person reach out after like three months. She sent a few texts reminding me of who she is and then called. I knew it was bad when she called. Anyway, this chick asked me to Cashapp her some money.
WTF?
Again, I've never seen this chick in person and we haven't even talked in like three months. And even when we were talking, that shit went nowhere because I had my hands full at the time. Now, I'm in a bit of a Monk Mode period and she hits me up out of nowhere.
Weirdly enough, but actually not weird at all, some other chick text damn near at the exact same time. Like...less than a minute a part. I've never met her in person either. They are obviously friends.
It's crazy because I ain't worried about either one of them. I'm about to go hang out with my kids and then watch the Chiefs game...hahaha.
Anyway...Go Chiefs and fuck these hoes.....
for now.
