Things That Don't Hurt Your Credit

: Chris Lee Law Firm

  Filed under: Credit Tips

credit scoreWe all tend to be overly concerned about our credit score, and for good reason. From securing a mortgage loan to simply getting the best out of your credit cards, your credit score is highly important. While many of us are aware of the damaging effects of missed payments and high balances, some of us may be surprised to learn that there are a few things that actually do not hurt your score.


Many people are surprised to learn that their income level has nothing to contribute to their credit score. While you may be eligible to receive a better loan or credit deal from a particular creditor, there is no blanket benefit to your credit in making more money. People with higher incomes may be able to manage their expenses and debts better, but this isn’t always the case. All in all, having a lower income will not damage your credit score in any way directly, unless you default on a payment.

Bank Balances and Assets

Just like your income level, the amount of money you have in the bank has nothing to do with your ability to have a high credit score. Owning many assets and carrying a big savings cannot improve your credit score, simply may boost your ability to be approved for certain lines of credit. Again, the only way having less money  in the bank or few assets can damage your credit score is through debt default.


Contrary to popular rumor, filing for bankruptcy does not damage your credit. In fact, the majority of damage done to your credit happens long  before you file for bankruptcy. Many people actually see an improvement in their credit score after a bankruptcy discharge, due to having their delinquent account statuses resolved. Bankruptcy in itself cannot damage your credit score directly, but may make obtaining credit from a creditor more challenging.


Are you a candidate for bankruptcy?
Would you like to find out if bankruptcy is the right option for you? Try our Free Online Bankruptcy Evaluation. 4 easy steps to see if bankruptcy could be the right option for you!
  • Step 1
  • Step 2
  • Step 3
  • Step 4
Please Select Each Box That Applies To You
Creditor Harassment
Loss of Income
Disability or Illness
Current Expenses
Auto Loans
Credit Cards
Medical Bills
Payday Loans
Do you have any additional information you would like to share?
Contact Information