Can Having A High Credit Score Be Bad?

Tuesday, Dec 11, 18

If you asked this question to 1000 people, I think all 1000 of them would respond to having a high credit score can’t be bad. I would have to agree for the most part but for some consumers, a high credit score can lead to major problems.

High credit scores lead to more credit offers and those credit offers are typically for larger amounts. Banks are very eager to lend money to consumers with high credit scores. Consumers with high credit scores pose little risk to banks and that is why banks want to lend more and more money to these consumers. The more money banks lend to low-risk consumers equals larger profits by way of collecting interest. Many consumers have the discipline to handle larger credit limits but what about the consumers who don’t?

Millions of consumers carry large amounts of debt which often leads to financial disaster. According to the United States Court of statistics, 1,071,922 bankruptcies were filed in the United States during the calendar year 2013. The vast majority of these filings were consumers. According to Matthew Herron, Bankruptcy Attorney at The Debt Doctors, “loss of income and overspending are two of the bigger reasons consumers file for bankruptcy protection.”

In addition to the bankruptcies filed each year, a large number of consumers seek other debt relief options. Some other debt relief options are Consumer Credit Counseling or Debt Settlement. Regardless of the path a consumer takes to relieve them of excessive debt, the key ingredient is the level of debt they carry is high.

Take control of your financial future. Get a budget that works for you and stick to it. Financial discipline goes a long way. You will be happy in the long run by just passing on the extras in life that don’t fit your budget.

As the President of Credit Education for, I would like to see all consumers maintain high credit scores. A great deal of the education I provide is on budgeting and the drastic consequences of not maintaining a solid budget.

About the Author

Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at and founder of where he works as an Expert Credit Witness in both Federal and State Court. With working in the credit and mortgage fields since 1991, he’s dedicated to sharing his knowledge to educate consumers.

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