- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Credit score is basically a very important for a lender to be able to make a decision whether to lend or not. There are actually many factors that affect the credit score of an individual.
1. Having Too Many Debts:
If an individual has more debts, then the credit score of that individual decreases. But if an individual has paid off some of the debts continuously, then the credit score of that individual increases and the lender has a good impression of the borrower.
2. Dependence on the Age of Credit History:
The age of credit history related to an individual also affects the credit score of an individual. The older is the age of an individual’s credit, the better it is for the credit score. If an individual has opened a new account, then the average of the credit age of an individual reduces. Therefore, it is not recommended to open more accounts simultaneously.
3. Number of Credit Inquiries:
Your credit score is heavily impacted by the number of inquiries you make regarding new loans and credit cards. There will not be any impact on the credit score if just a couple of enquiries have been made.
The enquiries which affect your credit score in a negative manner are known as hard inquiries. Thus, if you check your credit report, it is not called as a hard inquiry.
4. Types of Credit You Have Affects Your Credit Score:
It is always suggested to have both the types of credit like the installment loans and the revolving accounts. Having a combination of these two types of credit will create a positive impact on the credit score.
5. Good Payment History:
Having a good track record of paying the dues on time will certainly increase your credit score to a great extent. Thus if you one among the individuals who have made their payments for their dues on time, then you will have a good credit score.
6. No Mention in Public Records:
If there is the record of an individual in any judgments or bankruptcy, then there are chances that your credit score will come down adversely.
7. Opening of New Accounts:
If an individual has opened multiple accounts within a short duration of time, then the credit score of an individual comes down.
8. Number of Inactive Accounts:
If you have number of inactive accounts which have not been closed, then you will see a drop in your credit score.
Apart from knowing the factors that affect the credit score, it is also important to know the factors that don’t affect the credit score of an individual. The factors which are considered in the list of those factors that affect the credit score include the status of the individual’s employment, income, balance in the bank account etc.
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