OK, so we all know that lots of debt is bad…along with paying late or not paying at all. But did you know that the actual places you shop at can have a detrimental effect on your credit? Oh yeah.
I am referring to the use of credit cards and the ability of the card companies to use sophisticated computer algorithms to analyze your shopping habits over time.
If the company determines that your habits are similar to those of “problem customers,” then they may raise your interest rate or lower your credit limit.
Did you read all the fine print that comes with your credit cards? “Of course not,” most people don’t, but it almost always says that the card company reserves the right to change your credit terms at their discretion for any reason.
So to put it in terms we’ll all related to, perhaps all that excessive boozing or porn surfing on the credit card was not a good idea after all – maybe it wasn’t a good idea to start with.
Outrageously, even something like buying your food at Wal-Mart could be viewed negatively. [Although some view Wal-Mart as dirty as porn.]
So take the time to look over these 10 things that have been known to have negative effects on your credit provided by ConsumerismCommentary.com.
Where you Shop and Your Credit