- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
The way in which an individual uses the credit card affects the credit score. If the payments are made at a proper time, it will have a positive impact on your credit score if you delay in making the payments, and then there will be a negative impact on the credit score of an individual. If you make all your payments on time then your credit score will be impacted in a positive manner. The lenders usually are judgmental about the payment tenure of an individual.
If you are an individual who pays the bills on time in a consistent manner, then your credit score will not get affected. The amount that has been paid by you and the time, month and frequency of your payments will be mentioned in the credit report. If you are an individual who has made a delayed payment, then your credit score begins to lower. Apart from this, if there is an increase in the credit utilization rate, then also the credit score begins to lower.
If you make minimum payments, there are few effects on mainly two factors. One factor is the credit utilization and the other factor is the payment history.
A Report from The Lenders
The lenders have it all on the credit report. Your credit information like when you are making the payment, how you are making the payment is tracked in the credit report. Apart from this, all your transactions will be recorded in the credit report. Your credit report also includes details like your credit rating, the amount that is due and the outstanding balance amount. It has been seen that there is a direct impact of balance and rating on the credit score of an individual.
When Are Minimum Payments Made?
The most crucial thing to maintain a good Credit Score is to make all your payments on time. If this is done, then the credit rating of an individual gets affected in a negative manner. It is instrumental for your score to made payments on time. Paying the bills on time should be made a part of the routine chores as it enables an individual to maintain a good Credit score. It is important that an individual pays the bills on time even if it is difficult for the individual to afford the payments on a regular basis.
If making the payments on a regular basis is not possible for an individual, it should be made sure that at least the minimum payments are made on time. While you are making your minimum payments, you should see to it that you are not spending more on and increase the balances of credit card. If this happens, the credit utilization rate gets affected. This ultimately affects the credit score. It is recommended that an individual’s credit utilization rate is always below 30%. Generally, it is checked whether the payments that have been made are consistent or not. It should be made sure that the payments that have been made are consistent.
- TransUnion CIBIL
- CIBIL Credit Score
- CIBIL Credit Report
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