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A good credit score is part of getting a good small business line of credit. Or an unsecured personal line of credit or a small business loan.

That said, having a bad credit score can hurt you in every area of your life as well, not only when trying to find a credit card, a home mortgage, or even a business loan.

For example, employers in many circumstances can and will run credit report checks on job applicants, and a bad credit report may be a deciding factor in getting the position you applied for or if it goes to an equally- a qualified applicant with a stronger credit score.

If you want to rent real estate, or buy or lease a car, or even buy a new cellphone -- you guessed it -- an unsatisfactory credit score may hurt you.

So, What Will Hurt My Credit Score?

Maxing out your credit cards - try not to borrow more than 50 percent of your available credit. In the event that you go more than that, it will hurt your current credit score. Bottom line, never charge your cards to the maximum.

Late payments -- late payments will be harmful to your credit. Payment background makes up roughly 35 percent of your credit score. In order to help make sure that you don't skip your payment, turn on autopilot - arrange so that you can have all of your obligations withdrawn automatically out of your bank account. That way you not have to worry that the check is in the mail.

Applying for a bunch of credit cards and/or loans -- applying for a number of credit cards is a warning sign to lenders (in the event that you're intending to apply for more than one card, it has been advised you do so all on one day).

Shutting down older credit card accounts -- lenders want to observe an extended payment history. The longer that you have an account open and have made on-time monthly payments, the more this helps your credit .

Having a tax lien placed entered against you.

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

What's A Good Credit Score?

A score above 700 is considered exceptional.

600 to 690s - okay, though not ideal. These days, because of tightening credit standards, may not really be adequate to get you approved and certainly not for the best interest rates .

Below 600 - you're deemed a high credit risk.

Less than 550 - you are considered a very poor credit risk.

Overall, before things get so bad - consult a consumer advocacy attorney and consider negotiating with your creditors. This can perhaps save you from a disastrous credit score which affects you for up to a decade.

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