We all hear financial counselors and economists telling us to be careful with the credit that we obtain. Does actually anybody found a relation between poor credit and bad credit? In other words: how quickly the lack of financial rectitude will push an average person from bad to poor credit status?
There are people who live all their lives with poor credit score, like 610 points. They hardly go up or down, although they keep on borrowing. Other people, will let their credit file get red in no time, sliding from middle 700 to below 600.
It probably takes some personal discipline, to keep your commitments at bay...
But, some unexpected accidents and life problems can push anyone into the bad debt zone. Unexpected health costs can be one example.
Still, the question is: are there any other identifiable factors at play, like personality, ethnicity, age, etc?
