Your credit score is a very important number that you should do your best to protect. It is used to determine what kind of loan and rate that you can qualify for and is a huge factor in securing a mortgage.
If your credit score is low, do your best to find ways to raise it. If your score is high, avoid these three potentially damaging choices in order to keep it that way.
1. Cosigning on a loan
This is a tricky one. Most of us are kind and generous people who would do absolutely anything for the people we love. However, cosigning on a loan can be very risky and you have to look out for your own personal finances first. Should the primary borrower on the loan miss payments, your credit score will take a hit. Worst case scenario, you may have to pay money on the loan in order to keep your credit score up but you'd ultimately not get anything in return.
2. Closing a credit card account
Your first credit card account probably isn't rewarding and you likely got it merely to start building credit or perhaps to have something to fall back on in case of an emergency. Even if this account is paid off and you haven't used it in years, you may want to keep it open. The card has a long credit history attached to it and this is good for your score! Furthermore, closing the account would lower your available credit, which may affect your debt utilization ratio. Unfortunately, this one small action could damage your score in two different ways.
3. Not regularly checking your score for errors
It is recommended to regularly be checking your credit score for potential errors. Human errors are common and you want to be looking out for any inaccuracies to protect your score. Also, by checking your score regularly, you could be alerted early to any potential identity fraud. If you haven't looked lately, try Credit Karma - it is free and user friendly.