Five Killer advice for Credit Score | CIBIL - PowerPoint PPT Presentation

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Five Killer advice for Credit Score | CIBIL

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Credit score plays a very important role in your financial life. When it comes to you availing a loan or credit card, your credit score plays a deciding factor. A credit score is a numerical representation of your creditworthiness. – PowerPoint PPT presentation

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Title: Five Killer advice for Credit Score | CIBIL


1
Five common credit score killers!
  • By

2
  • Credit score plays a very important role in your
    financial life.  When it comes to you availing a
    loan or credit card, your credit score plays a
    deciding factor. A credit score is a numerical
    representation of your creditworthiness. Credit
    score can make or break your financial future. A
    bad credit score will land you in deep trouble
    when it comes to getting a loan, rent or a credit
    card. It is important to have a good credit
    score.
  • It so happens many times that your credit score
    would have dropped and you wouldnt even know
    about it. There are several factors that can
    bring down your credit score or even cause severe
    damage to it without you being aware of it. Lets
    explore the most common credit score killers.

3
  • Listed below are the most common factors that are
    likely to bring down your credit score
  • 1. Your credit history
  • 2. Maxing out on your credit card
  • 3. Late payments
  • 4. Cancelling credit cards
  • 5. Too many credit card applications

4
Your credit history
  • Your credit history contributes to your credit
    score. Your credit history constitutes for 35 of
    your credit score. All the negative entries on
    your credit history will reflect on your credit
    score thus damaging your credit score.

5
Maxing out on your credit card
  • Maxing out on your credit card is never a good
    thing and is one of the main contributor to your
    low credit score. If you have maxed out on your
    credit card it will go on your credit report and
    the credit score is calculated based on your
    credit score. It is advised to not max out on
    your credit cards in order to maintain a good
    credit score.

6
Late payments
  • Late payments will knock off a lot of points from
    your credit score. Making late credit card and
    loan payments is never a good thing and can cause
    serious damage to your credit score.

7
Cancelling credit cards
  • Cancelling credit cards can have a huge impact on
    your credit score. Cancelling credit cards is
    never a good thing but at times it is inevitable.
    Cancelling your credit card lowers your total
    credit limit and increases your utilization
    ratio. Hence it is important to not cancel your
    credit cards.

8
Too many credit card applications
  • All your applications for credit cards will be
    recorded on your credit report. Applying for too
    many credit cards in a short period of time can
    have a bad impact on your credit score as it will
    make you seem desperate to avail credit.

9
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