VIDEO: How to Ruin Your Credit - What REALLY Impacts Your Score
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How to Ruin Your Credit

Many people are concerned with how bankruptcy will affect their credit. While it's true filing may alter your credit score, it's just a single part of a complex formula. Your credit score is fluid: It changes regularly depending on many things like when you pay back bills, how long ago something happened and how much credit you use.

But your credit is never set in stone. Whether your score is high or low, it can change. Whether you want to protect your high score or rebuild a lower one, you should be aware of what can change your score.

However, if you are dead set on destroying your credit score, this video will show you how.

Transcript of Video on Ruining Credit

HOST: Older Americans are finding themselves increasingly buried in credit card debt, a terrible position to be in after retirement when the chances of increased income are slim. The picture can only get bleaker.

You can avoid that trap by thoroughly trashing your credit score now, in your youth, so that no one is willing to lend you any money in your old age. These five easy steps will help you destroy your credit now so that you can rest easy that you can rest easy in the knowledge that you will have nothing to lose in your old age.

First, be sure to open a lot of credit accounts while you're still in college and don't have any income. That way, once you graduate and get a job you'll already have solid debt and be racking up interest charges every month. Besides, you'll find it will be a lot easier to get credit as an unemployed student than it will be as a newly employed adult.

Second, don't limit yourself to just one or two major credit cards. The more credit cards you have, and use, the more separate monthly minimum payments you'll have have and the greater your chances of missing one of those payments and accruing more late charges.

And, there's an added bonus called the universal default clause with most credit cards. That means that if you're late on just one of your payments, they can all raise your interest rates through the roof.

Third, take out cash advances from one credit card to pay for another.

This way you can keep your credit card payments current without ever actually having to pay out any cash.

And, what's better you can rack up fees and interest without ever making use of your credit. Talk about credit card debt!

Fourth, use payday loans whenever you're running a little short of cash.

In most states, with a little juggling, you can make payments every week to the payday loan store without ever reducing your balance on that loan. And if that fails, don't worry, you can always pay off that loan secure in the knowledge that you can take out a new one and begin racking up fees in just a few weeks.

And finally, no matter how bad your financial situation gets do not consider bankruptcy. Cling to the unfounded rumor that bankruptcy ruins you credit for ten years. And instead, watch helplessly as your credit card debt continues to grow long after your accounts have been suspended and you have no credit available.

Consider paying out large sums of money to companies with no mailing address who promised to radically and magically reduce your total debt.

But, under no circumstances should you consider taking valuable, reliable advice from a licensed professional.

The temptation to pay your bills, avoid high interest rates, avoid and cancel cards with the gratuitous fees and live within your means may be strong, but don't get sucked in. With a little planning you can destroy your credit rating and create thousands of dollars worth of bills in just a few short years.

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