"Ruined credit" refers to a situation where a person's borrowing and financial history is damaged or negative. This can occur when someone consistently fails to make loan or credit card payments on time, accumulates a lot of debt, or declares bankruptcy. As a result, it becomes more difficult for that person to borrow money in the future, with lenders being less willing to approve loans or offering higher interest rates.
Full definition
If you don't make loan payments on time to credit cards or commercial banks, you can
ruin your credit rating and make borrowing in the future difficult or impossible.
In the end, they are left holding the bag
with ruined credit after perhaps struggling to pay for a mortgage that costs over and above their gross monthly pay.
It is more manageable and chances
of ruining your credit score are certainly lower than when you have too many payments to keep up with.
I don't worry
about ruining my credit score by having too many cards, as I've been at it for about 15 years with no problems.
I can make the payment if I split it between two credit cards that I have, but that would effectively max me out and could
potentially ruin my credit.
Besides setting fears of loan rejection no matter where you go, they
also ruin your credit by placing multiple inquiries on your credit file, driving your credit score down.
Thus, you can avoid having many different cards which can
ruin your credit due to the amount of credit lines open that would appear on your credit report.
Even if you rebuild your credit, if you do nt have good spending habits, your just going to
ruin your credit again.
My main thing is I don't want to slowly pay off and
ruin my credit anyways while spending 2 years of my life paying it back.
I probably already destroyed it, but is he right: Can being in a debt management
program ruin my credit score?
For many consumers however credit counseling can make the difference
between ruining your credit for the next 10 years with a bankruptcy or getting back on track financially.
While failing to pay your personal loan carries its own risks (
like ruining your credit), it's not tied to the roof over your head.
Several years ago, due to unforeseen circumstances, payments were not made to any credit account and therefore, the accounts are now charged - off,
thus ruining the credit score.
The nonprofit states says that victims experience financial abuse,
including ruined credit and loss of employment, in 99 % of domestic abuse cases.
Credit card debt is very clearly a bad kind of debt, which has the potential to
ruin your credit if you don't use them appropriately.