The part of the sentence "damage your credit" is correct and usable in written English.
You can use it when you want to warn someone of the possible consequences of certain actions. For example: "Be careful with your finances - any late payments or unpaid debts could damage your credit."
"Don't damage your credit rating," he told her. "A credit card is not a toy".
Late payments damage your credit score and add late fees to your monthly total.
However, if you are late making payments, you can damage your credit score for years.
"This can ultimately damage your credit score, as each agreement leaves a footprint on your credit file".
If it ends up in the hands of a collection service, it will damage your credit rating and could ultimately result in a lien on your property.
Plus, if you don't pay, the I.R.S. has the authority to garnish your wages, which may cause problems with your employer and damage your credit.
But the prevailing thought has been that a short sale, in which the lender approves a sale for less than the full amount owed, is worth the hassle because it damages your credit less than foreclosure.
Damaging your credit could compromise your ability to get a mortgage on a house.
There's an important balance to this habit: If you charge a lot of purchases and your balance creeps up toward your credit limit, you could start damaging your credit score.
This is also a misconception, since a crook will generally have zero scruples about taking over your credit accounts (even with their crippling interest rates), and making them even more impossible to manage by further damaging your credit.
The options are to default on the loan and run the risk of getting sent to collections and damaging your credit, or renew the loan (also known as "rolling over").
