It is very important to have a good credit score when applying for a small business line of credit. Or an unsecured personal line of credit or a small business loan.

Having a bad credit score can hurt you in every area of your life as well, not only when you are trying to secure a credit card, a home loan, or even an unsecured business loan.

For example, employers often can and will run credit report checks on job seekers, and your low credit score score might be a determining factor in getting the position you applied for or if it would go to a similarly- a capable applicant with a stronger credit rating.

If you want to rent real estate, or buy or lease a vehicle, or simply purchase a new cellphone -- you guessed it -- an unsatisfactory credit score will likely hurt you.

So, What Will Hurt My Credit Score?

Maxing out your credit cards and lines of credit - try not to borrow or charge more than fifty percent of your available credit. If you go higher than this amount, it will hurt your current credit rating. Bottom line, never use your charge cards to the maximum.

Late payments -- past due payments will be harmful to your current credit ratings. Monthly payment background makes up roughly thirty-five percent of your credit score. In order to help make certain that you won't neglect your payment, turn on cruise control - arrange so that you can have all or most of your current monthly repayments withdrawn automatically out of your bank account. This way you under no circumstances have to be troubled that your payment has been made.

Applying for a number of credit cards or loans -- making an application for a number of credit cards is usually a warning signal to creditors (if you're intending to submit an application for more than one card, it has been advised you implement it all in one particular day).

Closing down old credit card accounts -- financial institutions want to observe an extended repayment record. The more time you have an account available and have made on-time monthly installments, the more this aids your credit rating.

Having a tax lien .

Declaring chapter 7, chapter 13, or chapter 11 bankruptcy.

So What's A Good Credit Score?

A score higher than 700 is usually thought of outstanding.

600 to 690s - okay, nonetheless not necessarily ideal. These days, due to tightening borrowing benchmarks, will probably not really be adequate to get you accepted and certainly not for the best interest rates and terms.

Under 600 - you are always thought to be a high credit risk.

Under 550 - you really are considered a very poor credit risk.

Overall, prior to things getting so bad - talk to a consumer advocacy legal professional and consider negotiating with your creditors. This can perhaps save you from a devastating credit score which affects you for up to a decade.

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