You credit score will help or hurt you, and it’s up to you to help or hurt your credit score. You may be accepted, or rejected, for a line of credit, and it’s all waiting on your credit score and what you’ve done to help or hurt it.  Here are five tips to watch out for to prevent damaging your credit score:

1.    Bad Credit History
Past credit history usually counts for 35% of your credit score.  Missed and late payments will dent your score, with negative entries on your credit file for six years. However, the impact of missed and late payments diminishes over time, especially if you have been making payments on time. You will see changes for the better on your credit score if you make the effort within a year.  

2.    Current  Address
Lenders like continuity. A score will be higher if you have been at the same address for three years or more. There may be some impact if you have had two addresses in the last three years, but less if you are a homeowner. The greatest impact will found within having multiple address within the last three years or if you have been at your current address for less than six months.

3.    New Job
As with residency, when it comes to employment continuity is also vital. Ideally, lenders are looking for someone who has had the same job for a number of years. Such applicants will benefit from the maximum score for this. It is important to be in your new job for a few months before applying for new credit. It will not affect your credit score by having multiple jobs at one time.  It is, however, a bad idea to go through many jobs and not be able to maintain stability within the workforce, such as having three different jobs at three different times throughout three different years.  As well, periods of unemployment also will negatively affect your credit score.

4.    No or New Bank Account
Lenders will award maximum points if you have been with your bank for a number of years. Having only recently opened your current account will reduce the score. Not having a bank or current account will be most detrimental to your credit score.

5.    Multiple Credit Score Applications
Every time you apply for credit, a search is made and will be recorded on your credit file. Multiple credit applications in a short space of time will negatively impact your credit score. Such applications may be perceived as indicative of someone desperately trying to obtain credit. It is commonly accepted that making one credit application every month or two should not have too much impact on your credit file. However, if you have recently made a number of applications and been declined, it is advisable not to make any new applications for six months before applying again. It also gives you time to review your credit file and determine if there is anything on there which shouldn’t be.