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Late payments do more to hurt your score than almost anything short of default and bankruptcy.
Just be aware that it may affect your credit utilization rate, which could hurt your score.
Ask the issuer how that will be reported to the major three credit bureaus: Not paid as agreed, which can hurt your score?
If you are not carrying any debt, a lower limit will not change the ratio, so it shouldn't hurt your score.
If you've tried a few times to apply for a card and failed, it's probably best to stop, since the inquiries on your credit report that result from repeated credit applications can hurt your score further.
One watch-out on this: Avoid initiating too many "hard pulls" on your credit, because this can hurt your score.
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On top of that, if you consolidate the debt into one loan and close the credit card accounts, you have reduced the credit available to you without reducing the amount you owe, which hurts your score.
"If you have a lot of hard inquiries, it really hurts your score, because they think you're about to borrow up a storm and run off to Mexico or something," says Goodman.
Myth 3: Checking your own credit hurts your score.
Your score could quickly increase if the error that was hurting your score gets removed.
It hurts your score, for the short term.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com