18 Ways to Instantly Lower Your Credit Score

Your credit score is a big deal. It can affect your ability to get a loan, rent an apartment, or even land a job. While most people focus on improving their credit score, sometimes you might want to do the opposite. Maybe you’re trying to prove a point or just feeling a bit rebellious. Whatever your reasons, here are 18 surefire ways to tank your credit score in no time.

Max Out Your Credit Cards

Go on a shopping spree and max out all your credit cards. Don’t worry about paying them off anytime soon. The higher your credit utilization, the more damage you’ll do to your credit score. It’s a simple and effective way to watch those numbers plummet.

Stop Paying Your Bills

Want to see your credit score take a nosedive? Just stop paying your bills altogether. Credit card payments, rent, utilities – skip ’em all. The more accounts you have in collections, the worse your credit score will look.

Apply For Every Credit Card You Can Find

Go on a credit card application spree. Apply for every card you can get your hands on, regardless of the interest rates or fees. Each time a lender checks your credit, it’ll ding your score a little bit. The more inquiries you rack up, the more suspicious you’ll look to future lenders.

Close All Your Old Credit Accounts

Have some credit accounts that you’ve had open for years? Close them all at once. Lenders like to see a long credit history, so getting rid of those old accounts will shorten your average account age and hurt your score. It’s a quick and easy way to do some damage.

Default On A Loan

Take out a loan and then just don’t pay it back. Whether it’s a car loan, a personal loan, or a mortgage, defaulting on a loan is one of the worst things you can do for your credit score. It’ll stay on your credit report for years and make lenders think twice before working with you.

File For Bankruptcy

If you really want to go nuclear on your credit score, file for bankruptcy. It’s the ultimate credit killer. A bankruptcy will stay on your credit report for up to 10 years and make it nearly impossible to get approved for any kind of credit during that time. It’s a surefire way to hit rock bottom.

Co-Sign A Loan For Someone Who’s Bad With Money

Find a friend or family member who’s notoriously bad with money and co-sign a loan for them. When they inevitably default on the loan, your credit score will take a hit too. It’s a great way to ruin your credit without even trying.

Ignore Your Credit Report Errors

If you find errors on your credit report, just ignore them. Don’t bother disputing them or trying to get them corrected. The more inaccurate negative information on your report, the worse your score will be. It’s a simple way to let your credit score slowly deteriorate over time.

Take Out A Payday Loan

Payday loans are known for their sky-high interest rates and predatory lending practices. Taking out one of these loans will not only hurt your credit score, but it’ll also trap you in a cycle of debt that’s hard to escape. It’s a double whammy of credit destruction.

Let Your Identity Get Stolen

Don’t bother with identity theft protection or monitoring your accounts for suspicious activity. Just let the hackers have at it. Once they start opening fraudulent accounts and racking up debt in your name, your credit score will be in shambles. It’s a hands-off approach to credit sabotage.

Overdraw Your Bank Account Repeatedly

Treat your bank account like a magic money machine and just keep spending even when there’s nothing left. Rack up those overdraft fees and let your account go into the negative. The more times you overdraw your account, the more it’ll hurt your credit score.

Use Your Credit Card For Cash Advances

Credit card cash advances come with high fees and even higher interest rates. They’re also a big red flag to lenders. Taking out cash advances regularly will make you look desperate and irresponsible with money, which will send your credit score plummeting.

Don’t Ever Check Your Credit Score

Ignorance may be bliss, but it won’t do your credit score any favors. Don’t bother checking your credit score or reviewing your credit reports regularly. That way, you won’t know how much damage you’re doing until it’s too late.

Carry High Balances On All Your Credit Cards

Maxing out your credit cards is bad, but carrying high balances on all of them is even worse. Keep your credit utilization high across the board and watch your credit score sink like a stone.

Open And Close Credit Accounts Frequently

Credit scores like stability, so constantly opening and closing credit accounts will make you look risky to lenders. Open a bunch of new accounts, then close them after a few months. Repeat the process over and over again for maximum credit score destruction.

Take Out A Car Title Loan

If you own your car outright, consider taking out a car title loan. These loans come with astronomical interest rates and put your vehicle at risk of repossession. Missing even one payment can tank your credit score and leave you without a ride.

Become A Cosigner For Multiple Loans

If co-signing one loan for someone who’s bad with money isn’t enough, do it multiple times. Become the go-to cosigner for all your financially irresponsible friends and family members. As they default on their loans left and right, your credit score will pay the price.

Declare Bankruptcy Multiple Times

Why stop at just one bankruptcy when you can file for multiple? While it’s not always possible, finding loopholes to file for bankruptcy repeatedly will ensure your credit score never recovers. It’s the ultimate way to achieve long-term credit damage.

12 Smart Home Devices That Pay Off by Lowering Your Bills

12 Smart Home Devices That Pay Off by Lowering Your Bills