10 Things that Lower Your Credit Score

No credit card application or loan is approved without checking your credit score. Credit score is not merely a fancy term. Banks and credit card companies check it before extending you a loan or approving a credit card application. So if you think late payment, non-payment of a bill and cancellation of a credit card are trivial issues, think again and think long term. These things can ruin your credit history. Thus lowering your credit score. You may not worry about it now. But it does affect your future loans. Even service providers have started looking for it now. Here are 10 things that lower your credit score, and you must pay attention to all of them:

Late Payments

lower credit score
Payment history immensely affects your credit score. CIBIL gives nearly 30% weight to your credit history. So pay your credit card bills and EMIs on time. Paying your credit card bill late lowers your credit score in addition to attracting penalties. Don’t make it a habit. Pay all your bills on time. One late payment may not affect your credit score but repeated behaviour can cause serious damage to your record.

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