How to Lower Your Beacon Score

Beacon scores tell creditors how risky a consumer is. The score is also known as a FICO score, but each of the three credit bureaus compile the scores under additional names. Equifax uses a Beacon score. Typically, a good credit score is anything over 700. People with scores below 600 will pay higher interest on major purchases such as houses and cars. Your credit score can change, so even if you follow the steps below and destroy your Beacon score, you can always turn your finances around, pay your bills and increase your credit rating.

Instructions

1

Open new credit card accounts. If you accumulate several new accounts, this can lower your Beacon score. The credit bureaus look at your accounts' average ages when calculating scores.

2

Spend more money than you make. Go on a shopping spree, vacation or redecorate your home, charging the purchases to all your new credit cards. High credit card balances can lower your Beacon score.

3

Stop paying your bills. Unpaid credit card, utility and rent or mortgage bills will immediately lower your Beacon score. Even with good credit, paying a bill one month late can lower your Beacon score.

4

Close a couple credit card accounts, although this would require paying the balances off first. Closing credit cards will reduce the amount of credit you have available, which could impact your debt-to-credit ratio.

5

Call the credit card companies you have cards with and ask them to lower your credit line. A drop in available credit can lower your Beacon score.