To sum up the last few tax tips – your credit score is a reflection of your actions. When it comes to mortgages, car loans and credit cards, what you don’t know can certainly hurt you. Your credit score is a reflection of your actions: choose the behavior, choose the consequences.

Thirty (30) days late on a payment can damage your score by 50 points or more

Sixty (60) to 90 days late or a 30 day late payment on multiple accounts can drop your score more than 100 points

Single balances more than 40% of your credit limit can affect your score by 100 points or more

If multiple credit cards are maxed out or approaching maximum balances, your score can be diminished by 80 points or more.

Every financial choice you make can affect your credit score. If you keep your credit report healthy and cared for, you will have nothing to worry about when scoring time comes.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.